Which authority supervises AML compliance for dealers in precious metals and stones in the UAE?
AML compliance for dealers in precious metals and stones (DPMS) operating in the UAE mainland and commercial free zones is supervised by the Ministry of Economy and Tourism, which is the designated supervisory authority for the DPMS sector. The Ministry issues sector guidance and circulars, conducts desk-based and field inspections, and imposes administrative penalties for breaches.
DPMS are classified as Designated Non-Financial Businesses and Professions (DNFBPs) and must therefore comply with the federal AML framework in addition to any Ministry directives. Suspicious transaction reporting is made to the UAE Financial Intelligence Unit through the goAML portal, while national AML policy is coordinated by the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations Committee.
In practice this means a dealer answers to its supervisor for the quality of its AML programme, controls and record-keeping, and to the FIU for its reporting. The supervisory authority carries out risk assessments across the sector and can restrict or revoke a licence where serious failings are found.
Legal Reference (UAE):
· Federal Decree-Law No. 10 of 2025, Article 16 — supervisory authorities carry out supervision, inspection and risk assessment over DNFBPs.
· Federal Decree-Law No. 10 of 2025, Article 17 — administrative penalties the supervisor may impose for violations.
For more details, consult the Ministry of Economy financial crimes legislations page or seek guidance from your AML compliance officer.