The Federal Board of Revenue (FBR) has tightened and clarified anti-money laundering (AML) and counter-terrorism financing rules for gold, jewellery and precious-stone businesses.
The changes were introduced through S.R.O. 1439(I)/2026 issued on August 27, amending the FBR’s AML/CFT Regulations for Designated Non-Financial Businesses and Professions (DNFBPs), 2020.
A key change is the replacement of the term “Jewellers” with “Dealers in Precious Metals and Dealers in Precious Stones (DPMS).”
The new definition covers bullion dealers and businesses dealing in jewellery, gold, platinum, diamonds, precious and semi-precious stones and pearls. It also covers articles containing or mounted with these materials.
The Rs. 2 million cash transaction threshold has not been increased.
Under the revised framework, the rules continue to apply to DPMS businesses conducting cash transactions with customers worth Rs. 2 million or more.
The FBR has therefore mainly changed the terminology and clarified the range of businesses covered rather than introducing a higher cash threshold.
The regulator has also expanded the definition of real estate agents to specifically include builders, real estate developers, title transferring authorities, property brokers and dealers involved in property transactions and transfers.
The amended rules also strengthen record-keeping requirements.
DNFBPs must retain records relating to transactions, customers or instruments involved in litigation until the case is resolved. If a court or competent authority requires the records, they must be maintained until the matter is concluded or the authority says they are no longer required.
The FBR has further directed regulated businesses to promptly provide Customer Due Diligence (CDD) information and transaction records when requested by the FBR, designated law-enforcement agencies or the Financial Monitoring Unit (FMU).
The CDD provisions have also been aligned with the new DPMS terminology by removing the separate reference to “Jewelers” from the relevant provision.
The latest amendments do not replace the existing AML/CFT regulations. Instead, they update the terminology, clarify which businesses fall under the framework and strengthen certain compliance and record-keeping requirements.
For gold and jewellery businesses, the main change is the formal shift to the broader DPMS category, while the existing Rs. 2 million cash transaction threshold remains unchanged.
