Amendments to Subsidiary Legislation under the PSPM Act with effect from 20 December 2024

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Key Amendments

Legislative Reference

1

New title for the PMLTF Regulations, i.e., the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019

Regulation 1 of the PMLTF Regulations

2

Consequential amendments on proliferation financing ("PF") and countering proliferation financing (“CPF”)

Regulation 1, 2, 7, 8, 10, 11, 13, 14, 14A and 15

3

Clarify the existing customer due diligence ("CDD") requirements for regulated dealers to understand, and where appropriate, obtain information necessary to understand the purpose of their business relationship with customers

Regulation 5 and 6

4

Clarify that the stipulated carveout from the requirement to identify beneficial owners in the case of corporate customers listed on the Singapore Exchange and supervised financial institutions cannot apply if the regulated dealer has doubts about the veracity of the CDD information

Regulation 6

5

Clarify the existing ongoing monitoring requirement to include ascertaining consistency with the nature of the customer's business

Regulation 11

6

Clarify the existing record keeping requirement for regulated dealers to also keep account files and business correspondences when they perform CDD or enhanced CDD

Regulation 13

7

Clarify the existing group-wide policy requirements to align with FATF requirements

Regulation 14A

8

Prescribe the circumstances in which the Registrar uses to determine if a registered dealer is carrying on the business of regulated dealing or as an intermediary in Singapore

Regulation 21A