What customer due diligence applies to a walk-in cash customer buying gold in the UAE?
A walk-in cash customer is one of the higher-risk scenarios a UAE precious metals dealer faces, and customer due diligence cannot be skipped simply because the customer is not a regular account holder. The scope of the checks is driven by the value of the dealing and the risk it presents.
Where a walk-in customer buys gold for cash and the transaction reaches or exceeds AED 55,000, whether as a single purchase or several linked purchases, it becomes a designated transaction. The dealer must identify and verify the customer using an original or certified identity document such as an Emirates ID or passport, understand the purpose of the dealing, and where relevant identify any person on whose behalf the customer is acting. The transaction must then be reported through a Dealers in Precious Metals and Stones Report within two weeks. Attempts to structure a purchase into smaller cash amounts to stay below the threshold are a red flag that may require a Suspicious Transaction Report. Sanctions screening applies to every customer, and suspicion triggers reporting regardless of value.
Records of the identification and the dealing must be retained for at least five years.
Legal Reference (UAE):
· Cabinet Resolution No. 134 of 2025, Article 6 — identification and verification of the customer and beneficial owner.
· Federal Decree-Law No. 10 of 2025, Article 18(1) — suspicious transaction reporting regardless of value.
For more details, consult the full text of Cabinet Resolution No. 134 of 2025 or seek guidance from your AML compliance officer.