Offences/Breaches under the PSPM Act and PMLTF Regulations

Table 1 - Offences/Breaches under Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019

Offence/Breach	Section	Nature of Offence/Breach	Maximum Penalty
Unregistered dealing	Sec 6(2)	Acting as or holding out to be a regulated dealer without registration	Fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both, and in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction
Regulatory breach	Sec 10	Regulatory breaches such as failure to comply with any condition of registration	Cancel registration, or suspend the registration for a period not exceeding 6 months, and/or financial penalty not exceeding $100,000
Customer due diligence (“CDD”), enhanced customer due diligence (“ECDD”) and ongoing monitoring	Sec 16(6)	Non-compliance with CDD requirements	Fine not exceeding $100,000
Cash transaction report (“CTR”)	Sec 17(4)	Non-compliance with CTR requirements	Fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both
Cash transaction report (''CTR'')	Sec 17(1A)	Incomplete or inaccurate submission of CTR	Fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both
Record keeping	Sec 18(5)	Contravention of record keeping requirements for regulated dealers	Fine not exceeding $100,000
Record keeping	Sec 18(1A)	Contravention of record keeping requirements for former regulated dealers	Fine not exceeding $100,000
Risk assessment and internal policies, procedures and controls (“IPPC”)	Sec 19(3)	Contravention of risk assessment and IPPC requirements	Fine not exceeding $100,000
Sanctions	Sec 20(2)	Contravention of measures related to targeted financial sanctions	Fine not exceeding $100,000
Suspicious transaction report (“STR”)	Sec 21(3)	Non-compliance with STR requirements	Fine not exceeding $20,000
Written directions	Sec 22(5)	Non-compliance with Registrar’s written directions	Fine not exceeding $20,000
Providing false information	Sec 27	Provision of false information to Registrar or authorised officer	Fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both
Obstructing investigation	Sec 28	Obstruction of investigation	Fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both

Table 2 - Offences under Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019

Offence	Regulation	Nature of Offence	Maximum Penalty
Notification of change in place of business	Reg 20(3)	Non-compliance with requirements to notify change in place of business	Fine not exceeding $20,000
Notification of change in particulars & circumstances	Reg 21(4)	Contravention of requirements to notify change in particulars and circumstances	Fine not exceeding $75,000

Regulated dealers are also required to comply with the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (“CDSA”), in particular Section 57 Tipping-off (Fine not exceeding $250,000 or to imprisonment not exceeding 3 years or to both).