Amendments to Guidelines for Regulated Dealers in the PSMD sector on AML, CFT and CPF (13 Feb 2026)

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Key Amendments

Reference to the Revised Guidelines

1.

Updating the definition of “precious product” and “cash equivalent”.

• Paragraph 2.1

2.

Addition of a requirement for regulated dealers to understand and, where appropriate, obtain the information necessary to understand, the purpose of its business relationship with a customer who is an individual, entity or legal arrangement.

• Paragraphs 6.3.2 and 6.3.3

• Annex A – Section A

• Annex E – Sample CDD Forms

• Annex F – Sample ECDD Forms

3.

Provide clarity on existing customer due diligence (“CDD”) requirements relating to identification of beneficial owners of entities listed on the Singapore Exchange and supervised institutions (i.e. CDD should be conducted if the regulated dealer has doubts about the veracity of the CDD information).

• Paragraph 6.3.8

4.

Addition of guidance on trustees' AML/CFT/CPF obligations and regulated dealers' responsibilities when dealing with Residual Trustees (i.e. regulated dealers are encouraged to share information on the AML/CFT/CPF obligations with the Residual Trustees, and report suspected breach(es) of the obligations in Part 7 of the Trustees Act and the Trustees (Transparency and Effective Control) Regulations 2017.

• Paragraphs 6.3.18 to 6.3.20

5.

Provide clarity on the circumstances requiring enhanced customer due diligence ("ECDD") and the risk-based approach to determine the appropriate level of ECDD measures, taking into account the specific facts and circumstances of the transactions.

• Paragraph 7.3.4

6.

Provide clarity on the timeline to file a Suspicious Transaction Report (STR). An STR should be filed as soon as reasonably practicable upon the establishment of suspicion (i.e. no longer than 5 business days); and for cases which involved higher risk, or STR for Targeted Financial Sanctions, these should be reported within 1 business day, if not immediately.

• Paragraph 12.2.1

7.

Addition of ongoing monitoring requirement for regulated dealers to ensure that transactions performed by customers are consistent with the nature of the customer’s business.

• Paragraph 11.2.1

• Annex B – Paragraph 11.3a

8.

Addition of the explanation on implementation of a group policy.

• Annex B – Paragraph 3.1.1

9.

Updated the guide on when to perform CDD and ECDD.

• Annex C

10

Addition of red flag indicators for sanctions evasion activity.

• Annex D

11.

Additional Guidance on Assessment of Customer Risk, Identification of Material Red Flags, SOW Establishment, Risk Mitigating Measures and Ongoing Monitoring of Customers and their Transactions.

• Annex H

12.

Addition of the list of offences/breaches under the PSPM Act and Regulations.

• Annex I