A precious stones and precious metals dealer (“PSMD”) was fined S$9,000 on 11 August 2020 after pleading guilty to one charge under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (“CDSA”) of failing to submit a cash transaction report (“CTR”) for a single cash transaction exceeding S$20,000. The PSMD had issued eight separate receipts for payments of S$28,078 received from the customer, that formed a single cash transaction.
In passing the judgement, the Deputy Public Prosecutor highlighted that the cash transaction reporting regime is part of “Singapore’s effort to strengthen our anti-money laundering framework”, and a key message should be sent that the courts will mete out a harsh punishment for non-compliance. It will also send a strong signal to criminal syndicates against exploiting regulated dealers.
We remind regulated dealers that under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”), all regulated dealers are required by law to submit a CTR within 15 business days for cash or cash equivalent transactions exceeding S$20,000 to the Suspicious Transaction Reporting Office (“STRO”). You may refer to the transaction-based requirements for more information on your obligation as a regulated dealer.
Full details on the article are available in English and Chinese.