Regulation Coverage
Registered dealers are regulated by the Ministry of Law under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) for the purpose of anti-money laundering and countering the financing of terrorism (“AML/CFT”) only. The Ministry of Law does not audit, supervise or certify the registered dealer for any other purpose. The Ministry of Law also makes no warranty or representation as to any aspect of the business of the registered dealer.
Registered dealers are to ensure that their websites, representations and publicity materials do not cause the public to misconstrue that the Registrar of Regulated Dealers (“the Registrar”) is regulating them beyond AML/CFT matters. Registered dealers should also not make unauthorised use of the Ministry of Law logo on their websites or in publicity materials such as newsletters, articles, business cards etc.
Public Statements relating to PSPM Registration
Public statements and representations which suggest that Ministry of Law is regulating such businesses beyond AML/CFT matters could be misconstrued and may create unnecessary confusion amongst the public. Registered dealers should take immediate appropriate action to correct any such public statements or representations which are unacceptable.
| Non-exhaustive examples of unacceptable statements: | Certified / Regulated / Approved by the Ministry of Law |
|---|---|
| Example of acceptable statement: | Regulated by the Ministry of Law for purposes of anti-money laundering and countering the financing of terrorism only |
Use of Ministry of Law Logo
Unauthorised use of the Ministry of Law logo would tantamount to a trade mark infringement. If it is currently displayed on your websites and publicity materials without authorisation, please remove it immediately.
Investments are Not Covered Under the Regulations
Precious stones and precious metals may be offered in various forms of investment schemes, financial products and services by the registered dealers. These offerings as a form of investment and wealth solutions are not approved by Ministry of Law nor regulated under the PSPM Act.
Exercise caution and conduct sufficient research on any investment schemes.
MoneySense is Singapore’s national financial education programme. Useful information relating to investments is available at https://www.moneysense.gov.sg/investments. Useful MoneySense Consumer Alerts and resources include:
- Dealing with unregulated persons https://www.moneysense.gov.sg/articles/2018/11/dealing-with-unregulated-persons
- How to spot an investment scam https://www.moneysense.gov.sg/articles/2018/10/how-to-spot-an-investment-scam
If you suspect that an investment scheme could be fraudulent or is being misused for any illicit activity, you should consider reporting it to the police immediately at https://eservices.police.gov.sg/content/policehubhome/homepage/police-report.html or at any Neighbourhood Police Centre.