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Dealers in Precious Metals and Stones Report (DPMSR)

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    Dealers in Precious Metals and Stones Report (DPMSR)

    The Dealers in Precious Metals and Stones Report (DPMSR) is critical compliance for companies in the UAE engaged in high-valued transactions of precious metals and stones. DPMSR being part of the country’s Anti-Money Laundering (AML) framework, dealers are required to meet the high standards of compliance in the area of money laundering prevention and terrorist financing. Vigor Accounting & Taxation brings a range of services to their clients for the provision of accurate filing of DPMSR and the assurance of the compliance with local guidelines.

    What is DPMSR?

    DPMSR refers to the guidelines that have got now become the law whereby Dealers in Precious Metals and Stones have to report any such suspicious transactions that are beyond just any possible risks of being money laundering or terrorism financing. Such reporting with the utmost truthfulness and the stringent non-repudiation process is the requirement under the Federal Decree-Law No. 20 of 2018, and noncompliance can lead to severe sanctions such as penalties or the criminal prosecution of those involved.

    The UAE government uses the goAML platform to facilitate the filing of these reports. This online platform enables businesses to report suspicious activities directly to the Financial Intelligence Unit (FIU), thereby contributing to the nation’s broader AML efforts.

    Why DPMSR Compliance is Crucial

    Complying with transfer pricing regulations is critical for businesses operating in the UAE for several reasons

    • Legal and Regulatory Compliance

      The law requires that businesses that handle high-value metals and precious stones have to comply with AML regulations. A DPMSR submission indicates compliance of these companies with the UAE legal requirements and avoidance of penalties that may disrupt their operation and reliability.

    • Reducing Risk

      By a DPMSR - registered businesses are able to identify and report suspicious behavior early. This proactive approach mitigates the possibility of a business being

    • Preventing Financial Crimes

      The precious metals and gems market is notorious for being filled with financial crimes such as money laundering and terrorism financing due to the high-value transactions associated with them. Nevertheless, through the submission of a DPMSR, businesses can contribute to the combat against financial crimes by ensuring that their operations are not used for unlawful purposes.

    Who Must File a DPMSR?

    Any business or individual dealing in precious metals, gemstones, or jewelry that engages in cash transactions above a certain threshold must file a DPMSR. This includes

    Indicators of Suspicious Activity in Precious Metals and Stones

    Several red flags may indicate suspicious activity that must be reported through DPMSR

    01

    Lack of Documentation
    Customers who refuse to provide identification or financial records when requested by the dealer.

    02

    Unusual Payment Methods
    Payments made using complex, layered, or large cash transactions without clear justification may signal suspicious activity.

    03

    High-Value Transactions
    Repeated high-value transactions from the same customer that are inconsistent with the customer’s profile.

    How to File a DPMSR

    The process of filing a DPMSR through the goAML platform involves several steps. Vigor Accounting & Taxation can assist in ensuring that these steps are completed accurately and in line with legal requirements.

    01
    Monitor Transactions
    Businesses must implement internal controls and monitoring systems to detect any unusual transactions involving high-value precious metals or stones. This includes maintaining accurate records of all transactions and monitoring for suspicious behavior.

    02

    File the Report

    Using the goAML platform, the business must submit a Suspicious Transaction Report (STR) or a Suspicious Activity Report (SAR), depending on the circumstances of the case. Our team can assist in submitting these reports on time and with full compliance.

    03

    Gather Information

    If suspicious activity is detected, businesses must gather detailed information about the transaction and the parties involved. This includes customer identification, transaction details, and any additional documentation that may support the report.

    04
    Ensure Confidentiality
    When filing a DPMSR, confidentiality is paramount. Businesses are prohibited from informing the customer or any third party that a report has been filed. Vigor Accounting & Taxation ensures that your DPMSR filings remain discreet and compliant with UAE laws.

    Challenges in DPMSR Compliance

    Filing a DPMSR requires businesses to be vigilant, especially when handling high-value transactions that are prone to money laundering risks. Common challenges include

    01
    Identifying Suspicious Activities
    Recognizing unusual patterns in customer transactions can be difficult without proper training or experience.
    02
    Staying Updated with Regulations
    The AML landscape is constantly evolving, making it difficult for businesses to keep up with the latest regulatory requirements.
    03
    Ensuring Timely Reporting
    Delayed reporting of suspicious activity can lead to penalties. It’s essential to file DPMSR reports as soon as suspicious activity is detected.

    How Vigor Accounting & Taxation Can Help

    At Vigor Accounting & Taxation, we offer a full suite of services designed to assist businesses in complying with DPMSR regulations. Our experienced team helps you monitor transactions, identify red flags, and file reports accurately and on time.

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    Customized Compliance Solutions

    We provide tailored solutions based on your business’s specific needs. Whether you’re a small dealer or a large precious metals trader, our services ensure that you meet all DPMSR filing requirements.
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    Training and Support

    We offer training programs to educate your staff on identifying suspicious transactions and how to report them through the goAML platform.
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    Reporting Assistance

    Our team handles the technicalities of filing a DPMSR, ensuring that the report meets legal standards and is submitted promptly.

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    Don’t wait—schedule your free consultation today and take the first step towards transforming your vision into reality!

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