Compliance Review Programme

Compliance Review Programme

Regulated dealers are required to comply with the Precious Stones and Precious Metals (Prevention of money laundering and terrorism financing) Act 2019 (“PSPM Act”) and Precious Stones and Precious Metals (Prevention of money laundering and terrorism financing) Regulations 2019 (“PMLTF Regulations”), and adhere to the Guidelines for Regulated Dealers in the Precious Stones and Precious Metals Dealers (“PSMD”) Sector on Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”).

Under the Compliance Review Programme (“CRP”), Ministry of Law (“MinLaw”) has appointed a professional services firm, Deloitte & Touche LLP (“Reviewer”), to perform compliance reviews on registered dealers. Information of the Reviewers may be found below.

The purpose of the CRP is to assist registered dealers on their compliance with the PSPM Act and PMLTF Regulations. The Reviewer will guide registered dealers on the requirements under the PSPM Act and PMLTF regulations and recommend good AML/CFT practices. Registered dealers will undergo an onsite compliance review, and receive a report which will highlight areas for improvement on their AML/CFT measures and policies.

Scope and methodology of CRP
The compliance review will include the following areas of the registered dealer’s business of regulated dealing:

  • General information about the business activities
  • AML/CFT Risk Assessment Form
  • Internal Policies, Procedures and Controls (“IPPC”)
  • Customer Due Diligence (“CDD”) and Enhanced Customer Due Diligence (“ECDD”) measures
  • Measures relating to targeted financial sanctions
  • Cash Transaction Reporting (“CTR”) and Suspicious Transaction Reporting (“STR”)
  • Record keeping
  • Staff training on IPPC

MinLaw’s follow-up action after the compliance review
MinLaw may either require the Reviewer to contact the registered dealers; or follow-up with the registered dealers directly on the corrections required. The follow-up may be in the form of reports, interviews and/or inspections.

Information of Reviewers

  1. Chan Na Ching, Inez
  2. Dawn Lim
  3. Fang Shengyu Ian
  4. Goh Guan Cong Jolvin
  5. Ho Ming Hui
  6. Koh Xuan Kai
  7. Michelle Ang Ying Zhen
  8. Ng Gui Rui
  9. Nicholas Koh Ngee Hao
  10. Ong Lay Teng Andrew
  11. Ong Ziheng, Xavier
  12. Siew Teck Li
  13. Tan Hong Ye
  14. Vanessa Choi
  15. Yee Li Yang
  16. Yeo Yu Ling

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