What is money laundering and terrorism financing?
Money laundering (“ML”) is the process of concealing the proceeds of a crime so that they appear to have originated from legitimate sources. Terrorism financing (“TF”) is the funding of terrorism or terrorist groups, either via legitimate or illegitimate means.
Who are regulated dealers and why are they regulated by Ministry of Law?
Regulated dealers may include your favourite jeweller from whom you bought your proposal diamond ring, the familiar neighbourhood goldsmith shop, a secondhand goods dealer with whom you traded in your gold and jewellery, or an online bullion trader.
Regulated dealers dealing with precious stones, precious metals and/or precious products (“PSPM”) are required to be registered under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”).
These include, but are not limited to jewellers, bullion traders, jewellery wholesalers, jewellery retailers and secondhand goods dealers.
The regulated dealers will need to fulfil the requirements under the PSPM Act to prevent ML/TF from taking place through the precious stones and precious metals dealers (“PSMD”) sector.
What does it mean to me as a customer?
You may be required to provide your personal information and identification documents for verification purposes when you purchase the PSPMs from regulated dealers. Some common PSPM include diamond and gold jewellery, platinum wedding bands and gold or silver bullion bars. A full list of PSPM is available under our Regulatory Regime. By providing these information and documents promptly, you play a part in protecting the PSMD sector and Singapore from being misused for criminal activities.
What if I do not give my identifying information to the regulated dealer?
The law prohibits regulated dealers from completing the transaction with you, if you do not provide these information as requested.
What happens to my personal information?
All personal information provided by you to the regulated dealers will be kept confidential in accordance with the Personal Data Protection Act 2012. You may refer to the Notice for Customers for more information.