Commerce Ministry requires identity checks for cash gold transactions from SAR 50,000
The directive covers single transactions and linked payments at precious-metals dealers.
Prepared by Akhbar Al Watan News 24
The Ministry of Commerce stressed customer identity verification and due diligence when precious metals and gemstones are bought or sold for cash worth SAR 50,000 or more, whether in a single transaction or apparently linked transactions, according to a circular reported by Okaz.
The directive includes record retention and displaying an awareness notice inside branches. Invoice requirements remain in place, and due diligence applies regardless of transaction value where there is suspicion or doubt about customer information.