Transaction-Based Requirements

The transaction-based requirements that apply to regulated dealers include, but are not limited to, the following:

Perform Customer Due Diligence (“CDD”) or Enhanced Customer Due Diligence (“ECDD”) measures under circumstances that are prescribed by the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”).
File Cash Transaction Report (“CTR”) with the Suspicious Transaction Reporting Office (“STRO”) for cash and cash equivalent transactions exceeding S$20,000. Apply for a STRO Online Notices and Reporting platform (“SONAR”) account to e-file your CTR. By e-filing via SONAR, a copy of the CTR would be extended to ACD.
File Suspicious Transaction Report (“STR”) with STRO where there is suspicion of ML/TF. Apply for a SONAR account to e-file your STR. By e-filing via SONAR, a copy of the STR would be extended to ACD.
Subscribe to the Monetary Authority of Singapore (“MAS”) and Ministry of Home Affairs (“MHA”) websites for the lists of designated individuals and entities and terrorist designation. You will be alerted via email whenever there is an update to the lists.

Transaction-Based Requirements for Precious Stones and Precious Metals Dealers (“PSMD”): Watch the videos to find out more about the transaction-based requirements.

Customer Due Diligence

CDD is the process of obtaining your customers’ identifying information, recording the information and verifying who they are before transacting with them. The objective is to help you determine the money laundering/terrorism financing (“ML/TF”) risks and take appropriate mitigating measures to address them.

In the event where you are unable to perform or complete the required CDD, you must not proceed with the transaction. You should terminate any transaction entered into with the customer and consider whether to file a STR. If you suspect that the customer is in the listings for terrorist designation and designated individuals and entities, you must stop the transaction and report to the police. Please refer to the Guidelines for more information.

Enhanced Customer Due Diligence

Where the ML/TF risks are identified to be higher, regulated dealers are expected to take ECDD measures to mitigate and manage those risks.

Please refer to the Guidelines for more information.

Cash Transaction Report

Regulated dealers who enter into any designated transaction¹ must submit a CTR electronically to the STRO within 15 business days via SONAR. As part of record keeping, you are required to keep a copy of the filed CTR for 5 years after the date of submission.

“Designated transaction” means any of the following transactions conducted wholly or partly in Singapore:

(a) a sale of any precious stone, precious metal, precious product or asset‑backed token by a regulated dealer to a customer, for which cash or a cash equivalent exceeding the threshold amount is received as payment;

(b) 2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day by a regulated dealer to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;

(c) a purchase of any precious stone, precious metal or precious product from a customer (who is not a regulated dealer) by a regulated dealer (who is a secondhand goods dealer), for which cash or a cash equivalent exceeding the threshold amount is received as payment;

(d) a redemption of an asset‑backed token from a customer (who is not a regulated dealer) by a regulated dealer, for cash or a cash equivalent exceeding the threshold amount;

(e) 2 or more purchases of any precious stone, precious metal or precious product in a single day by a regulated dealer (who is a secondhand goods dealer), from the same customer, or customers whom the regulated dealer knows act on behalf of the same person (none of whom are regulated dealers), for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;

(f) 2 or more redemptions of any asset‑backed token in a single day by a regulated dealer from the same customer, or customers whom the regulated dealer knows act on behalf of the same person (none of whom are regulated dealers), for cash or a cash equivalent exceeding the threshold amount;

“threshold amount” means $20,000 or its equivalent in value, or an amount prescribed in substitution.

Suspicious Transaction Report

Regulated dealers are required to file a STR when there are suspicions on ML/TF activities in the business transaction. This should be filed electronically via SONAR. Regulated dealers are reminded that it is an offence under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (“CDSA”) to tip off another person on a STR filed with STRO.

Please refer to the STRO website on how to file a STR.