What documents must a UAE precious metals dealer collect from a corporate customer?
When onboarding a corporate customer, a UAE precious metals dealer must apply customer due diligence and collect enough documentation to identify and verify the company, the person acting for it, and the ultimate beneficial owner. Relying on a trade name and a verbal assurance is not sufficient.
At a minimum the dealer should obtain a valid trade licence, the company’s constitutional documents, and the identity documents (Emirates ID or passport) of the authorised representative dealing on the company’s behalf, together with evidence of that person’s authority. The dealer must also identify any natural person who ultimately owns or controls 25% or more of the company, or who otherwise exercises control, and verify that beneficial owner’s identity. Where the customer or its owner presents higher risk, enhanced due diligence and senior management approval are required before proceeding.
All of this information must be kept up to date through ongoing monitoring and retained for at least five years. Documentation also underpins any designated-transaction or suspicious-transaction report the dealer later files.
Legal Reference (UAE):
· Cabinet Resolution No. 134 of 2025, Article 6 — customer and beneficial owner identification and verification procedures.
· Cabinet Resolution No. 134 of 2025, Article 10 — identifying beneficial owners holding 25% or more of a legal person.
For more details, consult the full text of Cabinet Resolution No. 134 of 2025 or seek guidance from your AML compliance officer.