§ 39 — Regulations

39.—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.(2) Without limiting subsection (1), the Minister may make regulations for or with respect to all or any of the following matters:(a)

the registration of regulated dealers;

(b)

the duties of registered dealers;

(c)

measures for the prevention of money laundering, prevention of terrorism financing and prevention of the financing of proliferation of weapons of mass destruction, by regulated dealers, including —(i)

the customer due diligence measures which must be conducted by a regulated dealer;

(ii)

any additional reporting obligations by a regulated dealer;

(iii)

the specific risks that must be identified and assessed, and specific internal policies, procedures, controls, programmes, measures or standards that must be implemented, in order for a regulated dealer’s programmes and measures to be considered adequate for the purposes of section 19(1); and

(iv)

any additional measures relating to targeted financial sanctions against terrorism or to give effect to any relevant FATF Recommendation which a regulated dealer must take;[Act 6 of 2024 wef 01/05/2024]

(d)

the records that must be kept by a regulated dealer, the period and manner of keeping the records and the requirement to submit the records to the Registrar;[Act 6 of 2024 wef 01/05/2024]

(e)

the fees to be paid in respect of any application under this Act;

(ea)

the procedure —(i)

for the use of the electronic service mentioned in section 36B; and

(ii)

in circumstances where there is a breakdown or an interruption of the electronic service;[Act 6 of 2024 wef 01/05/2024]

(f)

to prescribe anything required or permitted to be prescribed.

(3) Regulations made under this section may —(a)

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $100,000 or with imprisonment for a term not exceeding 3 years or with both; and

(b)

provide for any saving, transitional or other consequential provision as is necessary or expedient.

—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.

(2) Without limiting subsection (1), the Minister may make regulations for or with respect to all or any of the following matters:(a)

the registration of regulated dealers;

(b)

the duties of registered dealers;

(c)

measures for the prevention of money laundering, prevention of terrorism financing and prevention of the financing of proliferation of weapons of mass destruction, by regulated dealers, including —(i)

the customer due diligence measures which must be conducted by a regulated dealer;

(ii)

any additional reporting obligations by a regulated dealer;

(iii)

the specific risks that must be identified and assessed, and specific internal policies, procedures, controls, programmes, measures or standards that must be implemented, in order for a regulated dealer’s programmes and measures to be considered adequate for the purposes of section 19(1); and

(iv)

any additional measures relating to targeted financial sanctions against terrorism or to give effect to any relevant FATF Recommendation which a regulated dealer must take;[Act 6 of 2024 wef 01/05/2024]

(d)

the records that must be kept by a regulated dealer, the period and manner of keeping the records and the requirement to submit the records to the Registrar;[Act 6 of 2024 wef 01/05/2024]

(e)

the fees to be paid in respect of any application under this Act;

(ea)

the procedure —(i)

for the use of the electronic service mentioned in section 36B; and

(ii)

in circumstances where there is a breakdown or an interruption of the electronic service;[Act 6 of 2024 wef 01/05/2024]

(f)

to prescribe anything required or permitted to be prescribed.

(3) Regulations made under this section may —(a)

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $100,000 or with imprisonment for a term not exceeding 3 years or with both; and

(b)

provide for any saving, transitional or other consequential provision as is necessary or expedient.