AML/KYC Guide -- Gold Storage Onboarding -- LCORE UAE

Gold AML & KYC Compliance in the UAE — ADGM Framework

LCORE operates under ADGM's stringent AML/CFT regime — one of the GCC's most rigorous — combining FATF Recommendation 24 beneficial ownership, real-time sanctions screening, and enhanced due diligence for precious metals. Every gram stored is fully traceable.

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Legal Framework

UAE AML law and
LCORE's obligations

UAE Federal Decree-Law 20/2018

Primary UAE AML law. Applies to all DNFBPs including precious metals dealers and vault operators. Requires CDD, EDD for high-risk clients, suspicious transaction reporting, and 5-year record retention.

ADGM FSRA Requirements

LCORE's ADGM licence requires AML/KYC compliance under the ADGM Financial Crime Framework, supplementing UAE Federal AML law with FSRA-specific requirements.

OECD 5-Step Due Diligence

For precious metals: OECD Due Diligence Guidance for responsible supply chains. Verification of gold origin, chain of custody, and absence of conflict minerals. Applied to all gold deposited at LCORE.

Document Checklist

What to prepare:
onboarding checklist

Entity Documents
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Certificate of Incorporation -- current, apostilled if required
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Articles of Association / Memorandum -- current version
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Certificate of Good Standing -- dated within 6 months
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Latest Audited Financial Statements -- most recent 2 years
UBO Documents
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UBO Declaration -- all beneficial owners 25%+ ownership
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Passport copies -- all UBOs and authorised signatories
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Proof of address -- each UBO, dated within 3 months
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Source of Wealth declaration -- narrative + supporting evidence
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PEP declaration -- politically exposed persons disclosure
Gold-Specific Documents
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Certificate of Origin (CoO) -- mine and refinery of origin
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Chain of Custody documentation -- from mine to current holder
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Assay certificate -- current holder's vault assay
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Purchase / acquisition documentation -- invoices, contracts
FAQ

Frequently asked questions

What AML standards govern LCORE's gold custody operations?
LCORE complies with ADGM's Financial Services Regulatory Authority (FSRA) AML/CFT rules, which implement FATF 40 Recommendations. This includes CDD, EDD for high-risk clients, PEP screening, ongoing transaction monitoring, and suspicious activity reporting.
How does LCORE handle beneficial ownership for gold held by structures?
All legal entities — SPVs, trusts, funds — must disclose UBOs to the 25% threshold per ADGM requirements. Each UBO is individually screened against international sanctions and adverse media databases before account activation.
What happens if a client is flagged by sanctions screening?
LCORE's compliance team immediately freezes account activity, files a suspicious activity report (SAR) with ADGM's FSRA as required, and engages legal counsel. No assets are released until compliance clearance is obtained.
Who can access LCORE's gold aml compliance uae services?
Institutional counterparties only: family offices, commodity traders, sovereign entities, mining companies, and corporate treasuries. Minimum $5M. Full KYC/AML/source-of-funds onboarding required before access.
How is gold aml compliance uae regulated at LCORE?
ADGM (Abu Dhabi Global Market) under FSRA regulatory oversight. English Common Law jurisdiction. LCORE Reg. 28158. Lloyd's of London insurance $250M per shipment. All operations comply with UAE AML/CFT requirements.
Also see: ADGM Warehouse Licence · ADGM Regulation · Allocated Storage · Gold Import UAE

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Onboarding documentation checklist available. Minimum $5M. Institutional counterparties only.

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