Guidelines for Regulated Dealers issued on 30 April 2019
The Guidelines for Regulated Dealers in the Precious Stones and Precious Metals Dealers Sector on Anti-Money Laundering/Countering the Financing of Terrorism (“Guidelines”) were issued on 30 April 2019.
The Guidelines are meant to help regulated dealers understand the regulatory requirements under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) and Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 (“PMLTF Regulations”). However, regulated dealers remain responsible for ensuring that their anti-money laundering/countering the financing of terrorism (“AML/CFT”) measures are appropriately designed for their business and commensurate with their money laundering/terrorism financing (“ML/TF”) risk exposure.
Update: The Guidelines have been amended from version 1.0 to 2.0 with effect from 14 Dec 2020. You may refer to this notice for more information.