17 Sep 2019 Posted in Press releases
- The Ministry of Law (MinLaw) reminds precious stones and precious metals dealers (regulated dealers) that they are required to register with the Registrar of Regulated Dealers by 9 October 2019 under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act (PSPM Act). Regulated dealers are strongly encouraged to apply for registration as soon as possible as it is an offence for any person to act as or hold out to be a regulated dealer without registration, unless exempted.
Registration of regulated dealers
- The registration regime for the regulated dealers forms part of the measures to prevent money laundering and terrorism financing. Registration of regulated dealers commenced on 10 April 2019 (https://licence1.business.gov.sg/).
- To raise awareness of the regulatory regime and the call for registration in the sector, the Anti-Money Laundering/Countering the Financing of Terrorism Division (ACD) of MinLaw has conducted extensive outreach efforts. Such efforts include:
- Engaging the respective industry associations, such as the Diamond Exchange of Singapore, Singapore Bullion Market Association, Singapore Clock & Watch Trade Association, Singapore Jewellers Association, and Singapore Pawnbrokers’ Association.
- Conducting targeted outreach to potential regulated dealers through on-site visits, phone calls, reminder letters and on-boarding conferences.
- Engaging other government agencies to reach out to their stakeholders.
- As at 15 September 2019, the MinLaw has received 1,475 applications for registration, with 1,889 unique outlets. MinLaw is heartened by the strong response from the precious stones and precious metals sector, and further encourages all unregistered existing regulated dealers to register immediately to meet the deadline of 9 October 2019.
- From 10 October 2019, it will be an offence for any person to act as or hold out to be a regulated dealer without registration. Any person convicted of this offence shall be liable to a fine not exceeding S$75,000, or to imprisonment for a term not exceeding 3 years, or to both, and in the case of a continuing offence, to a further fine not exceeding S$7,500 for every day or part of a day during which the offence continues after conviction. ACD will take the appropriate enforcement actions against regulated dealers who breach the requirements.
- For more information on the registration process and the PSPM Act generally, please refer to: https://acd.mlaw.gov.sg
- Regulated dealers under the PSPM Act include intermediaries, such as auction houses and trading platforms. Pawnbrokers, which are already subject to AML/CFT provisions (including the cash transactions reporting requirements) under the Pawnbrokers Act, are excluded from the PSPM Act. Further, MAS-regulated financial institutions are exempted from the PSPM Act (except for the cash transaction reporting requirement). They will instead be subject to MAS’ AML/CFT requirements, when they deal in precious stones, precious metals and precious products.
MINISTRY OF LAW
17 SEPTEMBER 2019
Last updated on 17 Sep 2019