Duty to Notify Registrar of Change in Particulars and Circumstances
Pursuant to Regulation 21 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 (“PMLTF Regulations”), registered dealers have the duty to notify the Registrar of Regulated Dealers of change in particulars and circumstances.
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.