Your trusted source for regulatory updates and compliance insights in the UAE
MOE inspections in the UAE consistently uncover the same AML weaknesses, especially around KYC, risk assessments, and suspicious transaction reporting. Most violations stem from poor implementation, not lack of awareness, and are preventable with basic controls and documentation.
Under UAE Anti-Money Laundering (AML) regulations, bullion and precious metals dealers are explicitly classified as high-risk businesses. This is not a label applied lightlyβit reflects the inherent characteristics of the gold and bullion trade and its historical misuse for money laundering, terrorist financing, and sanctions evasion.
Gold and bullion trading has long been a cornerstone of the UAE economy. However, because precious metals are high-value, easily transportable, and globally liquid, the sector is classified as high-risk under UAE Anti-Money Laundering (AML) laws. As a result, bullion traders are subject to strict compliance obligations.
Cash gold transactions are among the highest-risk activities under UAE Anti-Money Laundering (AML) law. For bullion and precious metals dealers, performing proper Customer Due Diligence (CDD) is not just best practiceβit is a legal requirement closely scrutinized by regulators.
For precious metals and bullion dealers in the UAE, goAML reporting is not optional. It is a core regulatory obligation under UAE Anti-Money Laundering (AML) law and is closely monitored by supervisory authorities and the Financial Intelligence Unit (FIU).
In the UAE, bullion and precious metals businesses are classified as high-risk DNFBPs. As a result, regulators expect these firms to undergo independent AML audits to test the effectiveness of their compliance frameworks.
