GCB JEWELLERY L.L.C. ("GCB Jewellery," "we," "us," or "our") is committed to maintaining the highest standards of anti-money laundering (AML) compliance in accordance with UAE laws and international standards.
1. Purpose
This Policy ensures that GCB Jewellery:
- Prevents our business from being used for money laundering or terrorist financing
- Complies with UAE Federal Law No. 20 of 2018 on AML/CFT
- Maintains the integrity of the precious metals and jewelry trade
2. Scope
This Policy applies to:
- All GCB Jewellery employees and management
- All customer transactions, especially high-value purchases
- All gold bar and jewelry sales
3. Regulatory Compliance
GCB Jewellery complies with:
- UAE Federal Law No. 20 of 2018 on Anti-Money Laundering
- Dubai Municipality regulations for gold traders
- DMCC regulations for precious metals
- Financial Action Task Force (FATF) recommendations
4. Know Your Customer (KYC)
For transactions above AED 55,000 or suspicious transactions of any amount:
- Individual Customers: Valid Emirates ID or passport, proof of address
- Corporate Customers: Trade license, authorized signatory documents
- Source of Funds: Documentation for transactions above AED 100,000
5. Transaction Monitoring
- Daily monitoring of high-value transactions
- Identification of unusual purchase patterns
- Multiple transactions that appear to be structured to avoid reporting thresholds
6. Cash Transaction Limits
In accordance with UAE regulations:
- Cash transactions above AED 55,000 require full KYC documentation
- We encourage bank transfers for large purchases
- All cash transactions are properly documented
7. Record Keeping
- All transaction records retained for minimum 5 years
- Customer identification documents securely stored
- Purchase invoices and receipts maintained
8. Suspicious Transaction Reporting
GCB Jewellery will report suspicious transactions to the UAE Financial Intelligence Unit (FIU) including:
- Transactions inconsistent with customer's known profile
- Unusual payment methods or requests
- Customers reluctant to provide required information
9. Employee Training
All staff receive regular training on:
- Identifying suspicious transactions
- KYC procedures
- Reporting requirements
10. Sanctions Screening
We screen all customers against:
- UAE Local Terrorist List
- UN Security Council Sanctions List
- Other relevant sanctions lists
11. Contact
For AML-related inquiries:
Compliance Officer
GCB JEWELLERY L.L.C.
Email: compliance@gcbdubai.com
Phone: +971 4 226 9600