What penalty applies to a UAE precious metals dealer that fails to register on goAML?
Registration on the UAE Financial Intelligence Unit’s goAML portal is a legal precondition to operating as a dealer in precious metals and stones, because DPMS are Designated Non-Financial Businesses and Professions. Carrying on the activity without the required registration is a breach of the AML law and exposes the dealer to administrative penalties from its supervisory authority.
Under the federal framework the supervisory authority may impose a range of sanctions for AML violations, from a written warning through to an administrative fine of not less than AED 10,000 and up to AED 5,000,000 for each violation, restriction of the business or profession, suspension of responsible personnel, and ultimately revocation of the licence. Fines can be increased where the same violation recurs within a year, and penalties may be published. Failure to register also prevents the dealer from filing the DPMSRs and Suspicious Transaction Reports it is legally obliged to submit, compounding the exposure.
The practical takeaway is that goAML registration should be completed before trading begins and kept current, with organisational and compliance-officer details maintained.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 20 — prohibition on carrying on a DNFBP activity without registration or enrolment.
· Federal Decree-Law No. 10 of 2025, Article 17(1)(b) — administrative fine of AED 10,000 to AED 5,000,000 per violation.
For more details, consult the full text of Federal Decree-Law No. 10 of 2025 or seek guidance from your AML compliance officer.