New Registration Scheme And Notification Requirements With Effect From 10 April 2021
New Registration Scheme
For new registration and renewal applications submitted from 10 April 2021, the following fees, as set out in Regulation 18 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations (“PMLTF Regulations”), will apply.
- New applications – The application fee for new entrants will be reduced from S$140 to S$120.
- Renewal – Regulated dealers are no longer required to pay a renewal application fee. This will be factored into the registration fees.
- Registration – Registration fees for new applicants and renewal applications where the net price (Inclusive of GST) of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the registered dealer is less than S$2,000 a piece, will be SS$250 per outlet per year. Otherwise, it will be S$350 per outlet per year. See table below for schedule.
- Registration period – New registrations and renewals will be valid for one (1) year.
- Transition period – Regulated dealers who have a valid registration before 10 April 2021, will continue with their registration until expiry.
| Registration Tier Available | Registration Condition Imposed | Registration Fees | Duration |
|---|---|---|---|
| Class A | The registration is subject to a condition that the net price of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the registered dealer be less than S$2,000 a piece. | S$250 per outlet annually | To be renewed annually |
| Class B | The registered dealer is allowed to sell precious stones, precious metals, precious products or asset-backed tokens of any value. | S$350 per outlet annually | To be renewed annually |
New Notification Requirements
Regulation 21 of the PMLTF Regulations is amended to simplify the notification requirements for registered dealers. Instead of notifying the Registrar 14 days in advance, a registered dealer must notify the Registrar within 14 days after any of the following matters occurs:
- any change in the business name or registered office of the registered dealer;
- any change in the address of the registered dealer given to the Registrar for the service of documents;
- any change in telephone number, facsimile number, email address or other contact details of the registered dealer; or
- any change of any key personnel of the registered dealer.
Frequently Asked Questions
We have collated a list of frequently asked questions on the new requirements. Regulated dealers may wish to refer to these FAQs in the FAQ section.