DealersinPreciousMetalsandStonesReport(DPMSR)

Yes, if you deal in precious metals, gemstones or jewellery and engage in cash transactions above the designated threshold, you are required to register on goAML and file a Dealers in Precious Metals and Stones Report. This applies regardless of company size, so the obligation turns on whether you handle qualifying cash transactions.

There is no fixed published fee, since the work depends on your transaction volumes, existing controls and whether you need ongoing monitoring or a one off report. Compliance and advisory services in this area are quoted after reviewing your business activity and current setup.

A Suspicious Transaction Report or Suspicious Activity Report must be filed on the goAML platform as soon as suspicious activity is identified, not after a fixed calendar deadline. Delay in reporting once red flags are noticed can itself be treated as a compliance failure, so timely internal escalation matters.

Failure to register as a designated non financial business or profession, or failure to file required reports, exposes the business to regulatory penalties and scrutiny under UAE anti money laundering rules. The exact penalty depends on the nature and duration of the non compliance, which is assessed case by case.

Common indicators include customers refusing to provide identification or financial records, payments made through complex or layered cash arrangements without clear justification, and repeated high value transactions inconsistent with the customer's known profile. Any of these should trigger further review before a report is filed.

You need customer identification details, transaction records, payment methods used, and any supporting documentation that explains or fails to explain the activity. Vigor Accounting and Taxation can help you compile this information correctly and prepare it for submission through the goAML platform.