1. Policy statement
Bullion Bridge Gold L.L.C (“Bullion Bridge Gold”, “we”, “us”) is committed to preventing its business from being used for money laundering, terrorist financing or the financing of illegal organisations. As a dealer in precious metals and stones licensed in Dubai, we are subject to UAE anti-money laundering and counter-terrorist financing (AML/CFT) law, including Federal Decree-Law No. (20) of 2018 and its implementing regulations, and the guidance of the relevant supervisory authorities.
2. Scope
This policy applies to all trading activity and business relationships of Bullion Bridge Gold, including raw gold and doré bar transactions and institutional mining partnership enquiries, and to everyone acting on our behalf.
3. Customer due diligence
Before entering into a business relationship or transaction, we:
- Identify and verify each counterparty using reliable, independent documents
- Identify the beneficial owners of companies and institutions
- Understand the purpose and intended nature of the relationship
- Obtain information on the source of funds and, where appropriate, source of wealth
We will not proceed where due diligence cannot be completed to our satisfaction.
4. Enhanced due diligence
Additional checks are applied where risk is higher, for example where a counterparty is a politically exposed person (PEP), is connected to a higher-risk jurisdiction, or where the source or origin of gold requires further verification.
5. Sanctions screening
Counterparties are screened against applicable sanctions lists, including the UAE Local Terrorist List and United Nations Security Council sanctions lists, before and during a business relationship. We do not deal with sanctioned persons or entities.
6. Origin of gold
Every lot must be supported by a certificate of origin and an export permit from the country of origin. We seek to align our sourcing approach with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
7. Payments
Settlement is agreed per transaction through traceable banking channels. Transactions are not settled in cash.
8. Ongoing monitoring
We monitor business relationships and transactions to make sure they are consistent with what we know about the counterparty, and we update due diligence information when needed.
9. Reporting
Where we know, suspect or have reasonable grounds to suspect that funds are linked to a crime, we report this to the UAE Financial Intelligence Unit as required by law. We do not inform the person concerned that a report has been made.
10. Record keeping
Customer due diligence records and transaction records are retained for at least the period required by UAE law, currently five years from the end of the relationship or the date of the transaction.
11. Compliance officer and training
A designated compliance officer is responsible for this policy. Staff involved in trading receive AML/CFT awareness training appropriate to their role.
12. Review and contact
This policy is reviewed periodically and updated when laws or our business change.
If you have any questions about this page, please contact us at contact@bbgolddubai.com or write to us at Al Faidhi (Meena Bazar), Bur Dubai, Dubai, UAE (by appointment).