Compliance

Precious metals dealers in the United Arab Emirates fall under the Designated Non-Financial Businesses and Professions regime of the federal anti-money-laundering framework. The obligations that follow are the identification of counterparties and their beneficial owners, screening against sanctions and politically exposed persons lists, risk assessment of the business relationship, record keeping, and the reporting of suspicious transactions to the Financial Intelligence Unit.

This is a description of the regime and of what Velcura does inside it. It is not a claim to hold a certification, and it is not a guarantee: a check confirms what the documents and the lists show at the time it is made, which is not the same as a warranty about a counterparty.

Every counterparty is identified before a relationship starts: the company from its register extract and constitutional documents, the beneficial owners as natural persons, and the authorised signatories. Screening covers the company, its owners and its signatories, and the result is recorded with the date it was made.

The depth of the review follows the risk. A counterparty in a higher-risk category, or a position with an unusual structure, gets more of it, not less, and the reasoning is written down.

Each position produces a file: counterparty review, contract, export documentation, transport and insurance documents, customs entry, assay certificate, settlement statement and payment confirmation. The process page lists what arises at which step and who issues it.

The file is assembled as the position runs, not reconstructed afterwards. That is the practical difference between a record and an account of one.

Where a transaction or an attempted transaction raises a suspicion, it is reported through the channel the framework provides, and the counterparty is not informed of the report. A position may be declined or discontinued at any point without a reason being given.