Gold or other precious metal dealers are required to fulfil specific obligations which constitute the basis of a robust risk-based AML/CFT programme in respect of suspicious transactions. These obligations include:
- Identifying and assessing risks related to money-laundering.
- Establishing, documenting and updating AML / CFT policies to mitigate the risks identified.
- Implementing and maintaining risk-based Customer Due Diligence and monitoring process.
- Identifying and reporting suspicious transactions.
- Implementing a robust governance framework for AML/CFT, such as appointing an AML/CFT Compliance Officer, and training staff.
- Maintaining proper records in relations to all the above recommendations.
- Complying with the directives of the Competent Authorities in the UAE in relations to global AML watchdogs such as the UN and the FATF.
Adopting these measures help the DPMs to maintain a reliable paper trail of business relationships and transactions. It helps in tracing the true beneficial ownership and movement of assets to prevent DPMS from being exploited for the purposes of money laundering and the financing of terrorism.
Reach out us for following AML services,
- AML internal audit
- AML Risk policies and procedures