Amendments to the PSPM Act and Subsidiary Legislation with effect from 1 May 2024

S/N

Key Amendments

Legislative Reference

1

New title for the PSPM Act i.e., the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019

Section 1 of PSPM Act

2

Alignment of the regulatory regime for the precious stones and precious metals dealers (“PSMD”) sector with the updated Financial Action Task Force (“FATF”) standards on countering proliferation financing (“CPF”)

Section 1, 2, 3, 8, 16, 19, 22, 29, 35, 36, 39 of PSPM Act

Regulation 21 of PMLTF Regs

3

Requirement for regulated dealers to implement adequate measures to counter proliferation financing

Section 19 of PSPM Act

4

Update to the definition of “precious product” to also cover any "precious product" priced above a prescribed value of S$20,000 regardless of the value attributable to the PSPM, and update to the definition of “net price”

Section 2 of PSPM Act

Regulation 2A of PMLTF Regs

5

Amendment to the existing definition of “asset-backed token” to exclude digital payment tokens from the PSPM Act

Section 2 of PSPM Act

6

New offence in the PSPM Act for regulated dealers that submit incomplete or inaccurate cash transaction reports without reasonable excuse

Section 17 of PSPM Act

7

Provide clarity that compliance officers appointed by PSMDs must be assessed by the Registrar to be “fit and proper” persons

Section 8 of PSPM Act

8

Record-keeping requirement for regulated dealers to keep records for a prescribed period after ceasing to be a regulated dealer and empower the Registrar to continue regulatory action against former registered PSMDs

Section 10, 11, 18, 39 of PSPM Act

9

Allow the Registrar to cancel or suspend the registration of PSMDs that are not conducting regulated dealing and/or fall under prescribed circumstances

Section 10 of PSPM Act

10

Provide that the registration of a registered PSMD lapses if the PSMD, as an entity, is wound up or otherwise dissolved, or if the PSMD, as a sole proprietor, dies

Section 9A of PSPM Act

11

Prescribe methods of service of documents, in particular through digital means, required or authorised by the Act to be served on any person

Section 36A, 36B, 39