Amendments to Guidelines for Regulated Dealers in the PSMD sector on AML, CFT and CPF (2 May 2024)

S/N

Key Amendments

Reference to the Revised Guidelines

1.

To include the requirement for regulated dealers to implement adequate measures to counter proliferation financing.

Throughout the whole Guidelines

2.

Updating the definition of “asset-backed token” and “precious product”.

Paragraph 2.1

3.

Addition of the explanation on implementation of a group policy.

Paragraph 5.3.3

4.

Addition of a new offence for regulated dealers for submission of incomplete or inaccurate cash transaction report without reasonable excuse (as per Section 17 of PSPM Act).

Paragraph 12.1.2

5.

Addition of a record-keeping obligation where a registered dealer must keep records for a prescribed period after ceasing to be a registered dealer.

Paragraph 13.1.1

6.

Provide clarity on responsibility of directors and senior management of PSMD to have active anti-money laundering/countering the financing of terrorism/countering proliferation financing oversight, such as by monitoring internal policies, procedures and controls ("IPPC") for effectiveness.

Annex B

7.

Addition of a requirement for compliance officer to be one who is fit and proper.