Application of this Part
s 14
Open ↗14. This Part applies to all regulated dealers who carry on in Singapore any part of their business of regulated dealing, or business as an intermediary for regulated dealing.
Source
Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 PART 3 — PREVENTION OF MONEY LAUNDERING, TERRORISM FINANCING AND FINANCING OF PROLIFERATION OF WEAPONS OF MASS DESTRUCTION
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Interpretation of this Part
s 15
Open ↗15. In this Part —“cash” means currency notes and coins (whether of Singapore or of a foreign country or territory) which are legal tender and circulate as money in the country or territory of issue; “cash equivalent” means anything used as currency that is prescribed for the purposes of this Part; “designated transaction” means any of the following transactions conducted wholly or partly in Singapore:(a) a sale of any precious stone, precious metal, precious product or asset‑backed token by a regulated dealer to a customer, for which cash or a cash equivalent exceeding the threshold amount is received as payment; (b) 2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day by a regulated dealer to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which cash or a cash equivalent in total exceeding the threshold amount is received as payment; (c) a purchase of any precious stone, precious metal or precious product from a customer (who is not a regulated dealer) by a regulated dealer (who is a secondhand goods dealer), for which cash or a cash equivalent exceeding the threshold amount is received as payment; (d) a transaction prescribed as a designated transaction; “threshold amount” means $20,000 or its equivalent in value, or an amount prescribed in substitution.
Customer due diligence
s 16
Open ↗16.—(1) Subject to subsections (3) and (4), a regulated dealer must perform the prescribed customer due diligence measures in any of the following circumstances:(a) before entering into a designated transaction; (b) where the regulated dealer has reason to suspect money laundering, terrorism financing or the financing of proliferation of weapons of mass destruction;[Act 6 of 2024 wef 01/05/2024] (c) where the regulated dealer has reason to doubt the veracity or adequacy of information obtained from earlier customer due diligence measures; (d) under circumstances prescribed for the purposes of this section. (2) Different customer due diligence measures may be prescribed in relation to different regulated dealers or classes of regulated dealers, different types of designated transactions or different customers or classes of customers. (3) A regulated dealer must not proceed with any designated transaction if there exists any circumstances that are prescribed. (4) Unless subsection (3) applies, a regulated dealer may choose not to perform or to complete any measure that the regulated dealer is required by this section to perform if —(a) the regulated dealer has reason to suspect that the designated transaction relates to money laundering, terrorism financing or the financing of proliferation of weapons of mass destruction; and[Act 6 of 2024 wef 01/05/2024] (b) the regulated dealer has reason to believe that performing the measure will tip off the customer or any other person. (5) Where, in relation to any customer, a regulated dealer is for any reason unable or chooses not to complete performing any measure required to be performed under this section, the regulated dealer must —(a) decline to enter into any transaction with the customer; (b) terminate any transaction entered into with the customer; (c) determine whether to make a disclosure under section 45 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 or section 8 or 10 of the Terrorism (Suppression of Financing) Act 2002; (d) record the basis of the regulated dealer’s determination under paragraph (c); and (e) carry out any other measures that may be prescribed. (6) A regulated dealer who fails to comply with subsection (1), (3) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
Cash transaction reports
s 17
Open ↗17.—(1) A regulated dealer who enters into any designated transaction must submit to a Suspicious Transaction Reporting Officer, within the prescribed time, a cash transaction report relating to that transaction in the prescribed form and manner. (1A) A regulated dealer must not, without reasonable excuse, submit a cash transaction report under subsection (1) that is incomplete or inaccurate.[Act 6 of 2024 wef 01/05/2024] (2) A regulated dealer must keep a copy of each cash transaction report submitted under subsection (1) for the prescribed period. (3) A regulated dealer must, at the time of submitting a cash transaction report under subsection (1) or immediately thereafter, submit a copy of the cash transaction report to the Registrar. (4) A regulated dealer who fails to comply with subsection (1), (1A), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.[Act 6 of 2024 wef 01/05/2024]
Keeping of records
s 18
Open ↗18.—(1) A regulated dealer must keep the following documents and information for the prescribed period:(a) a record of every designated transaction (whether or not completed) and every other transaction for which the customer due diligence measures mentioned in section 16 must be performed, containing the prescribed information on that transaction; (b) a record of all information relating to a customer which is obtained through the customer due diligence measures performed under section 16; (c) a copy of each supporting document relied on in support of any information referred to in paragraph (b); (d) any other document and information that may be prescribed. (1A) A regulated dealer who becomes a former regulated dealer on or after the commencement date must continue to keep each of the documents and information mentioned in subsection (1), that were required to be kept by the regulated dealer, until the end of the prescribed period applicable to each of those documents and information.[Act 6 of 2024 wef 01/05/2024] (2) For the purposes of subsection (1), different periods may be prescribed for different regulated dealers or classes of regulated dealers, different types of designated transactions or different documents and information. (3) A regulated dealer or former regulated dealer must keep the documents and information mentioned in subsection (1) in the form prescribed.[Act 6 of 2024 wef 01/05/2024] (4) A regulated dealer or former regulated dealer must make the documents and information mentioned in subsection (1) available upon request to the Registrar in the manner prescribed.[Act 6 of 2024 wef 01/05/2024] (5) A regulated dealer or former regulated dealer who contravenes subsection (1), (3) or (4) (read with subsection (1A) where applicable) 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] (6) In this section —“commencement date” means the date of commencement of section 13 of the Prevention of Proliferation Financing and Other Matters Act 2024; “former regulated dealer” means a regulated dealer who has ceased to carry on any business of regulated dealing or business as an intermediary in Singapore.[Act 6 of 2024 wef 01/05/2024]
Programmes and measures to prevent money laundering, terrorism financing and financing of proliferation of weapons of mass destruction
s 19
Open ↗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]
Additional measures relating to targeted financial sanctions, etc.
s 20
Open ↗20.—(1) A regulated dealer must perform —(a) any prescribed measures relating to targeted financial sanctions against terrorism; and (b) any additional prescribed measures which are necessary or expedient to give effect to any relevant FATF Recommendation. (2) 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.
Disclosure of suspicious transactions, etc.
s 21
Open ↗21.—(1) A regulated dealer must, if circumstances exist that require the regulated dealer to do so, make a disclosure under whichever of the following is applicable: (a) section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992; (b) section 8 or 10 of the Terrorism (Suppression of Financing) Act 2002. (2) A regulated dealer must, at the time of disclosing a matter under subsection (1) or immediately thereafter, submit a copy of the information so disclosed to the Registrar. (3) A regulated dealer who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
Power to give directions
s 22
Open ↗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.
Back to Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 — full text
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
The Singapore legislation on this platform is subject to copyright of the Singapore Government and is used/reproduced for the purposes of this platform with the permission of the Attorney-General's Chambers. Users of this platform may check Singapore Statutes Online for the latest version of the Singapore legislation.
What to look at next
Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019, full textChapter navigation and full text, so you can read this section in contextSingapore legislationSingapore Acts by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and yearSingapore: what this database coversWhich datasets are here, which official source they come from, and how current they areSingapore overview