Remain Vigilant during COVID-19

Dear Registered Dealer

On 3 April 2020, additional safe distancing measures were announced as Singapore adopts stricter measures to stem the transmission of COVID-19. These measures include the closure of most retail outlets from 7 April 2020.

Remain vigilant against crime

For online and retail businesses which can continue to operate with telecommuting, the threat of fraud and illicit finance remains. We hope to remind you to keep your relevant employees updated of the developing financial crime risks, so that they remain vigilant against criminal activities, such as money laundering, terrorism and proliferation financing. You should also ensure that all anti-money laundering and countering the financing of terrorism (AML/CFT) measures are in place, such as conducting the appropriate level of Customer Due Diligence (CDD), focusing on higher risk transactions and higher risk customers, and reporting suspicious transactions via the SONAR platform ↗ (opens in new tab)

Our website will continue to provide you with guidance and advice on how to implement your AML/CFT policies and processes. We are working on providing more online learning materials as our face-to-face AML/CFT workshops have been put on hold. Should you require more information on AML/CFT measures, please refer to our Guidelines for Regulated Dealers or reach us here ↗ (opens in new tab)

Support for SMEs

We are aware that the outbreak has a significant impact on all consumer-facing sectors, including the precious stones and precious metals dealers (PSMD) sector. The Government recently announced a package of measures as part of the Resilience Budget to help businesses, workers and households during this period. Various grants and schemes are in place to support workers, self-employed persons (SEP) and businesses to save jobs, protect livelihoods and help enterprises overcome immediate challenges. More information on the Resilience Budget can be found here ↗ (opens in new tab)

To complement the Resilience Budget, the Monetary Authority of Singapore (MAS) and the financial industry have also introduced a package of measures to help individuals and Small Medium Enterprises (SME). These measures include:
a. Deferred payment of principal on secured SME loans;
b. Lower interest on SME loans; and
c. Assistance with insurance premium payment for general insurance policies.
More information can be found here ↗ (opens in new tab)

On 6 April 2020, the Solidarity Budget was announced by the Government to provide further assistance for businesses through the circuit breaker period. This is the third Budget statement released over these past two months to help strengthen support for firms and workers. More information on the Solidarity Budget can be found here ↗ (opens in new tab)

Stay safe

Thank you for playing your part in keeping your business and Singapore safe from criminal abuse during this difficult period. We urge all dealers to remain vigilant against crime, stay safe and abide by the advisories issued by the Government to reduce the risk of further local transmission of COVID-19. More information on the advisories can be found here ↗ (opens in new tab)

Yours sincerely,

REGISTRAR OF REGULATED DEALERS

ANTI-MONEY LAUNDERING/COUNTERING THE FINANCING OF TERRORISM DIVISION (ACD)
MINISTRY OF LAW