The Federal Board of Revenue (FBR) has tightened and clarified anti-money laundering and counter-terrorism financing rules for several non-financial businesses.
The revised framework affects gold and jewellery dealers, precious-stone businesses and real estate agents.
The changes were introduced through S.R.O. 1439(I)/2026, issued on August 27, 2026. The notification amends the FBR’s Anti-Money Laundering and Counter-Terrorism Financing Regulations for Designated Non-Financial Businesses and Professions (DNFBPs), 2020.
The latest amendments aim to improve oversight of businesses that handle large-value transactions. They also strengthen requirements for maintaining records and responding to information requests from relevant authorities.
Gold and Precious-Stone Dealers Face Broader Rules
One of the key changes is the replacement of the term “Jewellers” with “Dealers in Precious Metals and Dealers in Precious Stones,” commonly referred to as DPMS.
The revised definition covers a wider range of businesses dealing in valuable metals and stones.
The category includes bullion dealers and businesses involved in the sale of gold, platinum, diamonds, precious stones, semi-precious stones and pearls.
It also covers jewellery and other products in which these materials are mounted or set.
The change provides greater clarity about which businesses fall under the FBR’s AML and counter-terrorism financing framework.
However, the existing cash transaction threshold has not been increased.
The Rs2 million threshold remains applicable to cash transactions between covered businesses and their customers.
This means businesses must follow the relevant AML/CFT requirements when a cash transaction with a customer reaches Rs2 million or more.
The latest amendment therefore expands and clarifies the category of businesses covered by the regulations rather than changing the existing cash threshold.
Real Estate Sector Also Comes Under Clearer Definition
The FBR has also revised the definition of real estate agents under the regulations.
The updated definition specifically includes builders, real estate developers, property brokers and dealers involved in the purchase, sale or transfer of property.
Title-transferring authorities have also been included in the revised definition.
The change is aimed at removing uncertainty about which entities operating in the property sector are subject to AML/CFT requirements.
Real estate businesses covered by the framework will therefore need to ensure that their customer information, transaction records and other required documents are properly maintained.
The revised rules are particularly important for businesses handling high-value property transactions, where authorities need greater transparency about the source and movement of funds.
FBR Strengthens Record-Keeping Requirements
The amendments also introduce clearer requirements for retaining records.
Regulated businesses must preserve records relating to transactions, customers and financial instruments involved in litigation.
These records must be kept until the relevant legal proceedings are concluded.
Where a court or another competent authority requires the records, businesses must retain them until the case is resolved or the authority confirms that further retention is not required.
The requirement is intended to prevent important financial and customer information from being lost or destroyed while legal proceedings are still ongoing.
Businesses will therefore need to pay closer attention to their record-management systems and ensure that documents remain available when required by law.
Authorities Can Demand Customer and Transaction Records
Another significant change requires DNFBPs to respond promptly to information requests from the FBR, designated law-enforcement agencies and the Financial Monitoring Unit (FMU).
The requests may involve Customer Due Diligence information and transaction records required under the Anti-Money Laundering Act.
This gives relevant authorities greater access to information needed to identify suspicious transactions and investigate possible financial crimes.
Businesses covered by the regulations will need to maintain accurate customer records and transaction information so they can respond to official requests without unnecessary delays.
The Customer Due Diligence provisions have also been updated to reflect the new DPMS terminology.
The previous wording separately referred to “Jewelers and Dealers in precious metals and stones.” The revised rules remove the separate “Jewelers” reference and bring the relevant businesses under the broader DPMS category.
What the New Rules Mean for Businesses
The FBR has clarified that the amendments update and strengthen the existing AML/CFT framework rather than replacing it completely.
For gold, jewellery and precious-stone businesses, the most important point is that the Rs2 million cash transaction threshold remains unchanged.
However, the definition of businesses covered by the regulations is now broader and more clearly stated.
Dealers in bullion, gold, platinum, diamonds, precious stones and pearls will need to ensure that their compliance systems meet the revised requirements.
Real estate businesses will also need to review their existing procedures.
Builders, developers, brokers and other entities involved in property transactions should ensure that required customer and transaction records are properly maintained.
The strengthened record-retention requirements also mean that businesses must be prepared to preserve relevant documents when transactions become part of legal proceedings.
The FBR’s latest move reflects a broader effort to improve financial transparency and strengthen controls against money laundering and terrorist financing.
For businesses operating in the gold, precious-stone and real estate sectors, compliance with the updated requirements will become increasingly important as authorities strengthen monitoring and information-sharing mechanisms.
