Cancellation of Registration of Singapore Precious Metals Exchange Pte. Ltd. as a Registered Dealer under the PSPM Act

          The Ministry of Law ("MinLaw") has, on 11 September 2026, cancelled the registration of Singapore Precious Metals Exchange Pte. Ltd. ("SPME") as a registered dealer under the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 ("PSPM Act"). With effect from 11 September 2026, SPME is not permitted to carry on any business of regulated dealing¹ or business as an intermediary for regulated dealing under the PSPM Act.

2          SPME was registered as a precious stones and precious metals dealer. Following monitoring and investigations, MinLaw identified serious breaches of the anti-money laundering, countering the financing of terrorism and countering proliferation financing ("AML/CFT/CPF") requirements under the PSPM Act and the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019 ("PSPM Regulations"). These breaches included significant deficiencies in SPME's assessment and management of money laundering, terrorism financing and proliferation financing risks, customer due diligence measures, and ongoing monitoring controls.

3          Having regard to the nature and seriousness of the breaches, the Registrar has assessed that it is not in the public interest for SPME to continue to carry on the business of regulated dealing or business as an intermediary in Singapore and has therefore cancelled SPME's registration as a registered dealer.

4          Under the PSPM Act,² the cancellation of SPME’s registration as a registered dealer under the PSPM Act does not affect the enforcement by any person of any right or claim against SPME. Customers with existing vaulting or custodial arrangements should contact SPME directly regarding their arrangements. Customers may wish to seek independent legal advice where appropriate.

5          MinLaw remains committed to maintaining the integrity of Singapore's precious stones and precious metals sector through robust supervision and enforcement of AML/CFT/CPF requirements. It will take firm regulatory action against regulated dealers that fail to comply with their AML/CFT/CPF obligations.

MINISTRY OF LAW

11 SEP 2026

¹ Regulated dealing includes but is not limited to the following - (a) selling, offering for sale, importing for sale or possessing for sale any precious stones, precious metals or precious products; and (b) purchasing any precious stone, precious metal or precious product for the purposes of resale.
² See s. 11(5) of the PSPM Act.