End of Transition Period for Existing Regulated Dealers under the Precious Stones Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act (PSPM Act)
As part of the measures to prevent money laundering and terrorism financing, the Anti-Money Laundering / Countering the Financing of Terrorism Division (ACD) of Ministry of Law has conducted extensive outreach efforts to raise awareness of the regulatory regime and call for registration of existing dealers by 9 October 2019. It should be noted that any person acting as or holding out to be a regulated dealer without registration from 10 October 2019 will be deemed as committing an offence under the PSPM Act. Financial Institutions regulated by the MAS and Pawnbrokers are exempted from the PSPM Act since they are already subject to their relevant AML/CFT requirements.
A person who carries on business of regulated dealing or business as an intermediary for regulated dealing will be required to register with the Registrar of Regulated Dealers, unless exempted. Under the PSPM Act, regulated dealers are required to assess their ML/TF risks faced by their business and adopt a risk-based approach to address and mitigate these risks. When conducting any part of their business in Singapore involving precious stones, precious metals or previous products, regulated dealers are to implement and comply with the following AML/CFT obligations:
- Put in place appropriate programmes such as internal policies, procedures and controls;
- Conduct of customer due diligence (both enhanced and simplified customer due diligence) under prescribed circumstances, in addition to the existing requirements for cash transactions above S$20,000;
- Ongoing monitoring of transactions through periodic reviews;
- Submission of cash transaction report to STRO within 15 business days for any designated transaction;
- Filing of suspicious transaction report to STRO upon suspicion that ML/TF being committed; and
- Retention of documents and information relating to any designated transaction for a period of five years after the date of transaction.
For any AML related services or enquiries, please contact Mr. Hardy Hussain at firstname.lastname@example.org.