00:00The Ministry of Economy is a supervisory body for designated non-financial professions and
00:07business.
00:08These sectors have special obligations, similar to financial institutions, to implement anti-money
00:17laundry and terrorist financing compacting.
00:22The new policy is focusing on dealers, on precious metals and precious stones, to implement
00:28particularly for refineries.
00:33We have around 28 refineries in UAE and they will have the obligation to implement this
00:40new policy.
00:42The new policy is talking about having the enhanced due diligence for the responsible
00:51sourcing of gold.
00:53These companies need to hire a compliance officer.
00:58This compliance officer will be responsible to implement all the procedures mentioned
01:04in this policy.
01:05He has to input internal policies, he has to train the staff within the company, he
01:14has also to do the due diligence and the KYC or Know Your Customer procedures.
01:24He has to know the exact source of the gold and make sure it is not from conflict zones
01:32or high-risk countries.
01:34This policy also makes an obligation to these refineries to hire third-party auditors to
01:43do a specific kind of auditing to make sure that all these procedures are implemented
01:51and also to provide a report on annual basis to the Ministry of Economy.
01:57And also from the Ministry of Economy, we are the supervisory body and we will conduct
02:04on-site inspections and off-site inspections to make sure that all these requirements are
02:11fulfilled and the company is compliant.
02:13Non-compliant companies will be also fined.
02:17There are specified penalties starting from 50,000 to 5 million and it will be depending
02:27on the size of these breaches.
02:31The penalty will be identified later on with a specific methodology within the Ministry.
02:41For more information, visit www.fema.gov
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