Notices from the Registrar
Amendments to the PSPM Act and Subsidiary Legislation with effect from 1 May 2024
2 May 2024
Regulated dealers are advised to take note of key amendments to the PSPM Act and PMLTF Regulations taking effect on 1 May 2024, including new requirements to counter proliferation financing.
The Registrar of Regulated Dealers hereby notifies all regulated dealers that amendments to the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) and the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 (“PMLTF Regulations”) under the PSPM Act will commence on 1 May 2024.
Table: Key amendments to the PSPM Act and PMLTF Regulations
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 |
Regulated dealers may also refer to the FAQ section for more information on the amendments to the PSPM Act and PMLTF Regulations.
Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”)
Ministry of Law