TaxSavvyAE

Cash sale at a gold shop

A customer wants to pay AED 60,000 cash for gold jewellery. What must I do?

The situation

Dealers in precious metals and stones have specific AML duties for cash transactions at or above AED 55,000, including customer identification and reporting through goAML.

The law

  • Federal Decree-Law 10 of 2025 and MoET guidance: Cash transactions of AED 55,000 and above trigger duties for DPMS

What it means for you

Identify the customer, record ID details, screen against sanctions, and file the cash transaction report in goAML within the time set in MoET guidance. Linked smaller payments adding up to AED 55,000 count too. Example: two cash payments of AED 30,000 on the same day for one purchase are linked.

What to do

  1. Take and copy the customer's ID.
  2. Screen the name against sanctions lists.
  3. Record the transaction details.
  4. File the report in goAML.

Check the current MoET circular for the exact threshold wording and the reporting deadline.

We can do this for youAML for DNFBPs: goAML registration, compliance officer, risk assessment, customer checks and reporting: AED 3,500

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