Other Regulatory Requirements
|Reporting Requirement||Duty to Notify Registrar of Change in Particulars and Circumstances||Ongoing Monitoring of Transactions||Record Keeping||Notices from the Registrar|
With effect from 1 January 2021, regulated dealers are required to submit mandatory semi-annual returns related to their business and transactions, twice each year during the following submission periods:
Regulated dealers should refer to the content for reporting set out by the Ministry of Law to understand the reporting requirement and ensure that the information are collected in the required format during the reporting period.
Regulated dealers will have to submit the semi-annual returns electronically through the my Precious Stones and Precious Metals Dealer’s Portal (myPal).
Please watch this guidance video to preview myPal and how to submit the semi-annual return. You may refer to the instruction guide for a step-by-step walkthrough (with screenshots) on how to navigate and submit the semi-annual return via myPal. Please click here to access myPal to complete your submission.
Please click here to view the notice on the reporting requirement issued by the Registrar. You may also refer to the FAQs for more information on the reporting requirement.
Duty to Notify Registrar of Change in Particulars and Circumstances
Pursuant to the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations (“PMLTF Regulations”), registered dealers have the duty to notify the Registrar of Regulated Dealers of change in particulars and circumstances.
The notification is to be submitted in GoBusiness Licensing Portal via an amendment application. You need to tick the checkbox (for each section that you wish to amend) in order to update your records with MinLaw. Refer to the table below for more details on how to submit the amendment application.
Note: Cancellation of Registration
If you do not wish to continue operating as a registered dealer (i.e. you are neither carrying on the business of regulated dealing nor business as an intermediary for regulated dealing), submit a cancellation application via the GoBusiness Licensing Portal. Fees are not payable for cancellation application.
Ongoing Monitoring of Transactions
Regulated dealers are required to conduct ongoing monitoring of the transactions carried out by your customer to ascertain that they are consistent with your knowledge of the customer.
Regulated dealers are required to periodically review the adequacy of information and documents obtained as a result of the customer due diligence (“CDD”) measures, particularly in cases where there is a higher risk of money laundering/terrorism financing (“ML/TF”). This is to ensure that the information is kept current and relevant.
Regulated dealers are required to keep relevant documents and information for a period of 5 years after the date of transaction, or the date that the information or supporting document is obtained.
Notices from the Registrar
The Registrar of Regulated Dealers regularly issues notices to all regulated dealers with respect to measures for the prevention of ML/TF. These include Guidelines to help regulated dealers understand their regulatory requirements and publications by the Financial Action Task Force (“FATF”).
Please click here to view the notices issued by the Registrar.