The Licensed Person should be aware of the Regulation on the Declaration of Currencies, Bearer Negotiable Instruments, and Precious Metals and Stones in Possession of Travelers Entering or Leaving the UAE (issued in the Official Gazette No 703 dated 31/05/2021). These Regulation set requirements for individuals entering or departing the UAE carrying currencies, precious metals or stones, or bearer negotiable instruments with a value above AED 60,000. Such persons must declare these goods by completing the Customs Declaration Form (CDF);
16.21.2
The Licensed Person must collect and retain the original CDF if the customer exchanges currency, if the customer declares that the source of funds is related to the proceeds of purchase/sale of precious metals or stones brought into or to be taken out of the country, or of bearer negotiable instruments to the full value as stated in the CDF;
16.21.3
In case the customer exchanges only part of the total amount stated in the CDF, then the actual amount of currency, or of funds related to the proceeds of purchase/sale of precious metals or stones brought into or to be taken out of the country, or of bearer negotiable instruments exchanged by the Licensed Person must be endorsed on the original CDF under the signature of the employee who carries out the KYC process and under the official stamp of the Licensed Person. In such cases, the original CDF can be returned to the customer, but its copy after endorsement must be retained with the Licensed Person;
16.21.4
In case the amount of any partial exchange is endorsed on a CDF, the Licensed Person who accepts such CDF must exchange only the balance of the amount of currencies to ensure that the total amount of currency exchanged by the customer using the same CDF does not exceed the total value stated in the CDF; and
16.21.5
The CDF form collected from a customer must not be treated as evidence for the source of funds or the purpose of a transaction. Appropriate due diligence procedures must be conducted and supporting documents as evidence for the source of funds or purpose of transaction must be collected whenever and wherever necessary.