How to File a Dealers in Precious Metals and Stones Report (DPMSR)

Many dealers in precious metals and stones struggle when it comes to filing the DPMSR. The rules look heavy, the steps feel confusing, and the fear of missing deadlines adds more pressure.

But once you get the right support and you know what the DPMSR covers and how to record each case, the whole process becomes easy going. This guide by JCA (Jitendra Chartered Accountants) walks you through it in clear steps, using easy language that helps you file reports without confusion. You can also seek assistance in filing from our AML consultants in the UAE.

What DPMSR Is and Who Must File It

The DPMSR applies to all dealers in precious metals and stones who hold a valid licence in the UAE. It does not matter if the business is in the mainland or a free zone. DPMSR must be filed when a dealer receives or pays AED 55,000 or more in cash, whether as a single payment or cumulatively.

The Ministry of Economy made this rule active on 12 June 2021, and the purpose is simple: to reduce the chance of money laundering by keeping track of large transactions in a sector that often deals with high-value goods.

When a DPMSR Must Be Filed

A report is required when any of the following reach AED 55,000 or more:

Cash Transactions

• Cash payments from resident customers
• Cash payments from non-resident customers
• Cash received from companies
• Cash instalments that reach the limit
• Advance cash payments
• Cash used in unfixed gold deals

All wire transfers (local or international), regardless of amount are not reportable, as DPMSR applies exclusively to cash transactions.

All these cases must be submitted through the UAE goAML platform once the transaction happens. AML compliance officers in the UAE can help you with proper goAML reporting.

Transactions That Do Not Require a DPMSR

Not every transaction fall into the reporting group. You can skip the DPMSR for:

• Credit card payments
• Cheques
• Bank-to-bank transfers
• Gold exchange where no cash above the limit is involved
• Local wire transfers and cheque payments from local UAE banks
• Margin calls and loan settlements
• Internal company transfers
• Trade done with commercial banks outside the UAE
• Two free zone companies settling payments through accounts in the same UAE bank

Knowing these exemptions saves you from sending reports unnecessarily. Seek further information on various transactions from our expert AML consultants in Dubai.

Documents You Must Collect Before Filing

The dealer must verify the customer’s identity and collect documents based on the type of customer. Examples include.

For UAE Residents

• Emirates ID or
• Passport copy

For Non-residents

• Valid government ID or
• Passport copy

For Companies or Entities

• Trade licence
• Emirates ID or passport of the person representing the company

These documents must be kept for a minimum of five years from the date of transaction or end of business relationship. Many businesses create a simple folder system: one for residents, one for non-residents, one for companies, to avoid losing track of important papers.

How to Report Transactions on the goAML Portal

Once the documents are ready and the transaction crosses the required amount, the dealer must register the information on the goAML platform. The report filed there is the DPMSR.

The key things you will need include:

• Customer details
• ID information
• Transaction amount
• Mode of payment
• Purpose of purchase
• Supporting documents

The system will ask for each item step by step. Dealers who prepare documents in advance usually complete the report faster. Moreover, AML compliance officers in Dubai can better help you report transactions and use the goAML UAE portal.

AML UAE: Timeline for Filing the DPMSR

The report must be filed within 15 Days from the date the cash transaction occurs, as required by the Ministry of Economy DPMSR Guidelines. This applies to cash transactions. Missing the time limit may lead to penalties, so many businesses choose to submit the report within the same week to stay safe.

DPMSR is an Extra Reporting Duty

If a dealer notices unusual behaviour, suspicious patterns, or a confirmed match on a sanctions list, they should file:

• Suspicious Transaction Report (STR)
• Suspicious Activity Report (SAR)
• Confirmed Name Match Report
• Partial Name Match Report

The DPMSR only covers high-value transactions. The other reports cover risk indicators, suspicious activity, and sanctions-related issues.

Record Keeping and Good Practice

Dealers must keep all records for a minimum of five years. This includes:

• Copies of IDs
• Licences
• Invoices
• Transaction details
• Proof of payment
• Wire transfer slips

A simple digital storage system works well. Many dealers scan all documents and place them in dated folders so they can retrieve them quickly if asked by authorities. Good record keeping is also a crucial element of AML compliance in the UAE.

“DPMSR is an Extra Reporting Duty”:

✔ “If a transaction is suspicious, an STR or SAR must be filed regardless of whether the cash amount is below AED 55,000.

How can JCA (Jitendra Chartered Accountants) help?

JCA provides you with qualified AML consultants and AML compliance officers who provide you with comprehensive AML support and help you with compliance and goAML reporting procedures. For utmost guidance and assistance, contact our experts now!