Online Briefing On Guidance Paper

16 JUN 2021

The Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”) of Ministry of Law is organising online briefings in July 2021 for registered precious stones and precious metals dealer (“PSMD”) to take regulated dealers through the Guidance Paper.

In the Guidance Paper, MinLaw has identified four key areas for improvement, namely:

  1. Money Laundering/Terrorism Financing (“ML/TF”) Risk Awareness and Understanding of Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) Requirements;

  2. Risk Assessment and Internal Policies, Procedures and Controls (“IPPC”);

  3. Customer Due Diligence (“CDD”) and Cash Transaction Reporting (“CTR”); and

  4. Enhanced Customer Due Diligence (“ECDD”).

Each key area for improvement comprises the following elements:

  1. Regulatory obligations – To remind dealers of the regulatory requirements;

  2. Case examples of good practices observed – To share and acknowledge good practices;

  3. Case examples of lapses observed – To highlight key findings and the causes which led to the findings; and

  4. Key learning points – To highlight MinLaw’s supervisory expectations.

MinLaw will be conducting online briefings on 7 July 2021 and 12 July 2021 to take regulated dealers through the Guidance Paper. The briefings will only be available in English. Each dealer may only send 1 representative to attend. Please click here to sign up for the online briefing.

Please refer to the “FAQs” under the Precious Stones and Precious Metals Dealers section for Frequently Asked Questions relating to the regulatory regime. For further queries, please click here.

[Update in July 2021: We would like to thank all participants for their support of this event in July 2021. The presentation slides and video recording of the briefing will be shared with registered dealers and available on our website soon. Please stay tuned!]