Amendments to Subsidiary Legislation under the PSPM Act 2019 with effect from 15 November 2023
The Registrar of Regulated Dealers hereby notifies all regulated dealers that amendments to the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 (“PMLTF Regulations”) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 will commence on 15 November 2023.
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Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019
The key amendments to the PMLTF Regulations are:
• Requirement for group-wide policies for regulated dealers with branches or subsidiaries (Regulation 14A);
• Requirement for regulated dealers to perform customer due diligence (“CDD”) for transactions involving payment received in gold or digital payment tokens exceeding S$20,000 (Regulation 4A);
• Regulated dealers that cease regulated activity due to their company being wound up or dissolved, or PSMD registration being cancelled or expired, will no longer have to notify the Registrar on the place of business where they intend to cease regulated activity (Regulation 20);
• Introduction of a definition of “net price” (Regulation 2);
• Revision of definition of “cash equivalents” to capture other anonymous and untraceable forms of payment besides cash vouchers, including cash cheques, traveller’s cheques, payment accounts that contain e-money and bearer negotiable instruments (Regulation 3);
• Clarification of the CDD requirements on legal persons, specifically on the need to perform CDD on legal persons and their beneficial owners (Regulation 6).
Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”)
Ministry of Law