Anti-Money Laundering Policy
Why Pinas Gold may ask for your identification, which transactions we must report under UAE law, and the payments we can accept as a dealer in precious metals in the United Arab Emirates.
Why We Have This Policy
As a dealer in precious metals in the United Arab Emirates, Pinas Gold is required by UAE anti-money laundering and counter-terrorist financing laws and their implementing regulations to know who our customers are and to report certain transactions to the authorities. Dealers in precious metals and stones are supervised for these purposes by the UAE Ministry of Economy.
This policy explains what we may ask of you, and why. It applies to purchases in our showroom, on our website and over WhatsApp, and to exchanges and buy-backs.
Identifying Our Customers
For higher-value purchases, for exchanges and buy-backs, and whenever the law requires it, we will ask for a valid identity document before we complete the transaction. We may keep a copy of it.
- UAE residents: Emirates ID
- Visitors: passport (and visa or entry stamp where relevant)
- Companies: trade licence, and the ID of the person acting for the company
Cash Transactions of AED 55,000 or More
UAE rules require dealers in precious metals to identify the customer and report to the UAE Financial Intelligence Unit any cash transaction of AED 55,000 or more, whether made at once or in several linked payments. If you pay this amount in cash, we will collect your identification and file the required report. The same applies where a purchase is paid partly in cash and the cash part reaches this amount.
Payments We Accept
Payments must come from you, the buyer, or from your own company. We do not accept payments from unrelated third parties, and we may ask for proof that a card or bank account belongs to you.
We do not accept payment in cryptocurrency, and we may decline payments from sources we cannot verify.
Sanctions Screening
We check customers against the sanctions lists that apply in the UAE, including the UAE Local Terrorist List and the United Nations Security Council Consolidated List. We cannot sell to or buy from any person or company named on these lists.
When We May Pause or Decline a Transaction
We may pause, decline or cancel a transaction if you do not provide the identification we ask for, if the information provided cannot be verified, or if a transaction appears unusual or suspicious. Where the law requires it, we report suspicious transactions to the UAE Financial Intelligence Unit, and the law does not allow us to tell a customer whether a report has been made.
Record Keeping
We keep copies of identity documents and records of transactions for at least five years, as UAE law requires, and we keep them secure. We handle this information in line with our Privacy Policy and share it only with the authorities entitled to receive it.
Contact Us
If you have a question about this policy or the documents we need, please contact us before you visit or order, at sparkbrightly@pinasgolduae.com or +971 50 581 8365.
Write to sparkbrightly@pinasgolduae.com or visit our contact page.