§ 22 — Power to give directions

22.—(1) The Registrar may give a written direction mentioned in subsection (2) to a regulated dealer in respect of that part of the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing conducted in Singapore, where the Registrar considers that —(a)

the regulated dealer has carried on or is carrying on business in a manner that carries a risk of money laundering, terrorism financing or financing the proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(b)

a relevant offence is being committed; or[Act 6 of 2024 wef 01/05/2024]

(c)

it is necessary or expedient for the written direction to be given for —(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; or

(iii)

the prevention of the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(2) The Registrar may give a written direction to require the regulated dealer to do one or more of the following:(a)

to stop or terminate its regulated dealing, or a particular transaction, with a particular customer;

(b)

to stop a particular employee or individual from conducting any part of the regulated dealer’s business as a regulated dealer;

(c)

to do or refrain from doing anything specified in the written direction to mitigate the risk mentioned in subsection (1)(a) or to stop the commission of the offence mentioned in subsection (1)(b);

(d)

at the regulated dealer’s own cost, to appoint an auditor to carry out an audit of the regulated dealer’s compliance with the measures under this Act for —(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; and

(iii)

the prevention of the financing of proliferation of weapons of mass destruction,

including an audit of any matters that the Registrar may specifically require for that purpose;

[Act 6 of 2024 wef 01/05/2024]

(e)

to take specified measures to comply with this Act or to remedy any contravention of or non‑compliance with this Act to which the direction relates.

(3) Before giving a written direction under subsection (1), the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give the regulated dealer concerned an opportunity to be heard.

(4) To avoid doubt, a written direction under subsection (1) need not be published in the Gazette.

(5) A regulated dealer who fails to comply with a written direction given to the regulated dealer under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.

—(1) The Registrar may give a written direction mentioned in subsection (2) to a regulated dealer in respect of that part of the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing conducted in Singapore, where the Registrar considers that —(a)

the regulated dealer has carried on or is carrying on business in a manner that carries a risk of money laundering, terrorism financing or financing the proliferation of weapons of mass destruction; [Act 6 of 2024 wef 01/05/2024]

(b)

a relevant offence is being committed; or[Act 6 of 2024 wef 01/05/2024]

(c)

it is necessary or expedient for the written direction to be given for —(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; or

(iii)

the prevention of the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(2) The Registrar may give a written direction to require the regulated dealer to do one or more of the following:(a)

to stop or terminate its regulated dealing, or a particular transaction, with a particular customer;

(b)

to stop a particular employee or individual from conducting any part of the regulated dealer’s business as a regulated dealer;

(c)

to do or refrain from doing anything specified in the written direction to mitigate the risk mentioned in subsection (1)(a) or to stop the commission of the offence mentioned in subsection (1)(b);

(d)

at the regulated dealer’s own cost, to appoint an auditor to carry out an audit of the regulated dealer’s compliance with the measures under this Act for —(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; and

(iii)

the prevention of the financing of proliferation of weapons of mass destruction,

including an audit of any matters that the Registrar may specifically require for that purpose;

[Act 6 of 2024 wef 01/05/2024]

(e)

to take specified measures to comply with this Act or to remedy any contravention of or non‑compliance with this Act to which the direction relates.

(3) Before giving a written direction under subsection (1), the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give the regulated dealer concerned an opportunity to be heard.

(4) To avoid doubt, a written direction under subsection (1) need not be published in the Gazette.

(5) A regulated dealer who fails to comply with a written direction given to the regulated dealer under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.