Auditing, VAT, Accounting & Business Consultancy Services in UAE

What Are The Aml Compliance Requirements For Jewelers In Uae?

Blog Image
  • Auditing
  • 2023-04-08

What Are The Aml Compliance Requirements For Jewelers In Uae?

Governments and businesses alike are struggling to combat money laundering as the world becomes more linked. Criminals engage in money laundering when they try to make the money they've earned through dishonest means look like it came from a legal source. To combat this threat, nations have enacted Anti Money Laundering or AML regulations. In the United Arab Emirates or UAE, the jewelry business is among those that must adhere to anti-money laundering regulations.


How Can You Ensure Your Business Is AML Compliant?

Companies are required to adhere to AML compliance standards, which are a set of laws and regulations designed to prevent the laundering of money and the financing of terrorism. Customers must be verified, transactions must be monitored, and suspicious activity must be reported to the proper authorities. Noncompliance with AML requirements can result in fines, damage to your reputation, and even criminal penalties.


What end do we need to ensure jewelers are AML compliant?

Jewelers are an easy target for money laundering because to the high value of their products and the ease with which they can be transferred across borders. Due to its great value, jewelry is sometimes used by money launderers as a cover for the transfer of large sums of money. Because of this, AML compliance laws apply to jewelers in the UAE.


Do jewelers in UAE have to follow AML?

Jewelers in the UAE must follow AML regulations. Federal Law No. 20 of 2018 of the United Arab Emirates pertaining to the prevention of money laundering and the financing of terrorism sets down these regulations. Get the best AML Audit Service in Dubai from the top auditing players. 


- Verification of Identities of Customers

Jewelers in the United Arab Emirates (UAE) are required by law to verify the identities of their customers. Because of this, they will need personal details from their customers such their names, addresses, and birth dates. Jewelers must also verify their customers' identities by inspecting government-issued photo identification and passports.


- Keeping tabs on things

Jewelers in the United Arab Emirates must keep records of their customers purchases. Information such as the name of the customer, the total amount transacted, and the mode of payment must be recorded here. These records should be kept for at least five years by jewelers.


- Communication of Suspicious Activity

Jewelers in the United Arab Emirates are required by law to report any instances of criminal behavior to the authorities. Transactions that are extremely large or complicated for no apparent business reason fall into this category. All transactions that a jeweler suspects may be used to launder money or fund terrorists must be reported.


- Education and amplification

Jewelers in the UAE are obligated to provide their staff  with AML compliance training. This involves training on how to spot and report suspicious activity as well as the consequences for disobedience. Jewelers must also educate their employees on the importance of AML compliance and the fight against money laundering.


- Evaluation of Danger

Jewelers in the United Arab Emirates must conduct a risk assessment of their business. To do this, they must first determine the extent to which their company is vulnerable to money laundering and the financing of terrorism. Based on this assessment, jewelers should take the required measures to lessen these risks.


- Compliance with AML Procedures

In the United Arab Emirates, jewelers must implement an anti-money-laundering policy. This system should be tailored to the unique dangers that the jeweler faces in order to prevent money laundering and the financing of terrorism. Policies and procedures for customer identification and validation, transaction monitoring, and the reporting of suspicious activity should be part of the program.


Businesses in the UAE are increasingly turning to firms like Risians Accounting firm to get best auditing services in dubai. Businesses can focus on their core competencies since they can outsource their financial management to experts. When you hire a third party to handle your books, you can rest assured that they will adhere to all local regulations and requirements. While looking for an accounting business in Dubai, it is important to select one with relevant experience and knowledge of the local market, such as Risians Accounting. Services such as tax preparation, financial reporting, and cash flow management should be made available by this company.


Conclusion:- You will understand about the AML rules for Jewelers and if you have any suggestions or doubts then contact Risians Accounting for easy auditing firm in UAE for your services.


Let’s connect and discuss how outsourcing can help you save on costs and scale your business.



software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities

My experience in working with this team is very much a positive one. Their professionalism is refreshing. Thank you for making the process a very pleasant experience.

Ms. Arshameh Parmoun Tag Properties

We have been working with RISIANS Chartered Accountants on a couple of assignments. At all times they are professional, organized with whatever assignments we have entrusted with them. Being a approved audit firm they are well aware with the regulations and compliances. I will recommend the team highly enough and shall certainly be engaging with them again and again in future assignments.

Moin Abbas Al Ajwad Auto Works

I would overall rate team RISIANS work as exceptional. The team was successful in delivering quality audit, irrespective of the tight deadline and it was way better than the predecessor. We can definitely build more knowledge for future.


RISIANS proactiveness and precision towards managing our accounts and helping us constantly whenever we are in need of is a dynamic quality that makes us want to recommend to any company or an individual. Looking for a great accountants without any hesitation.

Aqeeb Aqeeb Internstional
Get Direction to reach us

Office No. 1802, 18th Floor 48 Burj Gate Downtown - Dubai-UAE

Book Consultation

Let's do this!

Sit Back, Relax, and let us do it with our professional team.