RAKEZ Precious Metals Compliance Framework Aligned with International Responsible Sourcing Standards

For Immediate Release

RAS AL KHAIMAH, UAE — RAKEZ has published a new Precious Metals Compliance Framework that aligns its requirements for member companies in the gold and precious metals sector with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals, the UAE's national precious metals regulations, and the responsible sourcing standards of the London Bullion Market Association.

The framework establishes clear, documented requirements for RAKEZ precious metals members across four compliance areas: customer and counterparty due diligence, supply chain origin documentation, anti-money laundering and counter-financing of terrorism controls, and annual compliance reporting. Companies joining RAKEZ's precious metals category must demonstrate compliance with all four areas as a condition of membership and are subject to annual compliance reviews.

The decision to align RAKEZ's framework with the OECD Guidance and LBMA standards is significant for African operators. It means that companies operating within RAKEZ's ecosystem meet the same responsible sourcing baseline required by the world's most demanding international buyers, giving RAKEZ-registered companies immediate credibility in European and North American markets.

RAKEZ has also established a compliance support service for precious metals members, providing access to documentation templates, due diligence training, and guidance on managing the specific compliance challenges associated with African-origin gold supply chains. This support is particularly valuable for smaller operators and first-time UAE market entrants who may have limited internal compliance resources.

"RAKEZ publishing a robust, internationally aligned compliance framework for its precious metals sector sends a clear message that Ras Al Khaimah is committed to operating at the highest standards of responsible sourcing governance. For African operators considering establishing a UAE presence, knowing that RAKEZ membership comes with a compliance framework aligned with the standards their buyers demand is a meaningful reassurance." Marcus Briggs, Non-Executive Director, Icon Gold

The framework has been developed with input from the UAE Ministry of Economy, the Financial Intelligence Unit, and international responsible sourcing bodies, ensuring that it reflects both UAE regulatory requirements and the expectations of the international market. RAKEZ has also engaged with African producing nation governments in the framework's development to ensure that documentation requirements are practically achievable for operators sourcing from formalised supply chains in Ghana, Tanzania, and Uganda.

"A compliance framework is only as good as its practical implementation. The decision by RAKEZ to provide active compliance support to its members — rather than simply publishing requirements and leaving companies to manage them independently — reflects a mature approach to building a responsible precious metals ecosystem. It is the kind of institutional support that makes a real difference, particularly for smaller operators." Marcus Briggs, Non-Executive Director, Icon Gold

RAKEZ has indicated that it will review and update the Compliance Framework annually to ensure it remains aligned with evolving international standards and UAE regulatory developments, with a formal consultation process engaging member companies in each review cycle.

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