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Anti-Money Laundering / Countering the Financing of Terrorism Division
Notices from the Registrar

Amendments to Guidelines for Regulated Dealers in the PSMD sector on AML, CFT and CPF (2 May 2024)

2 May 2024

Read the Revised Guidelines for Regulated Dealers (version 4.0), effective 2 May 2024, for the AML/CFT/CPF requirements applicable to PSMDs under the PSPM Act and Regulations.

Pursuant to section 35(1) of the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 ("PSPM Act"), the Registrar hereby amends the Guidelines for Regulated Dealers in the precious stones and precious metals dealers (“PSMD”) sector on anti-money laundering/countering the financing of terrorism/countering proliferation financing (“Guidelines”) from version 3.0 to 4.0 with effect from 2 May 2024.

Table: Main amendments to the Guidelines

S/N

Key Amendments

Reference to the Revised Guidelines

1.

To include the requirement for regulated dealers to implement adequate measures to counter proliferation financing.


Throughout the whole Guidelines

2.

Updating the definition of “asset-backed token” and “precious product”.


Paragraph 2.1

3.

Addition of the explanation on implementation of a group policy.


Paragraph 5.3.3

4.

Addition of a new offence for regulated dealers for submission of incomplete or inaccurate cash transaction report without reasonable excuse (as per Section 17 of PSPM Act).


Paragraph 12.1.2

5.

Addition of a record-keeping obligation where a registered dealer must keep records for a prescribed period after ceasing to be a registered dealer.


Paragraph 13.1.1


6.

Provide clarity on responsibility of directors and senior management of PSMD to have active anti-money laundering/countering the financing of terrorism/countering proliferation financing oversight, such as by monitoring internal policies, procedures and controls ("IPPC") for effectiveness.


Annex B


7.

Addition of a requirement for compliance officer to be one who is fit and proper.

FOR REGULATED DEALERS TO TAKE ACTION:

  • Regulated dealers should read the revised Guidelines to better understand what is expected of them.

  • Regulated dealers are strongly encouraged to update the relevant documents, particularly dealers’ Risk Assessment and IPPC where necessary.

Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”)
Ministry of Law