§ 19 — Programmes and measures to prevent money laundering, terrorism financing and financing of proliferation of weapons of mass destruction

19.—(1) A regulated dealer must, in relation to the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing, implement adequate programmes and measures to prevent money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(2) The type and extent of the measures to be taken under subsection (1) must —(a)

comply with any requirements that may be prescribed; and

(b)

be appropriate, having regard to —(i)

the risks of money laundering, terrorism financing and financing the proliferation of weapons of mass destruction; and

(ii)

the size of the regulated dealer’s business.[Act 6 of 2024 wef 01/05/2024]

(3) A regulated dealer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.[Act 6 of 2024 wef 01/05/2024]

—(1) A regulated dealer must, in relation to the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing, implement adequate programmes and measures to prevent money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(2) The type and extent of the measures to be taken under subsection (1) must —(a)

comply with any requirements that may be prescribed; and

(b)

be appropriate, having regard to —(i)

the risks of money laundering, terrorism financing and financing the proliferation of weapons of mass destruction; and

(ii)

the size of the regulated dealer’s business.[Act 6 of 2024 wef 01/05/2024]

(3) A regulated dealer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.[Act 6 of 2024 wef 01/05/2024]