This section provides an overview of the compliance obligations for Regulated Dealers in Singapore and their role in preventing money laundering and terrorism financing under the PSPM Act. Click on a topic of interest to learn more.
Things To Know As A Regulated Dealer
The Singapore Terrorism Threat Assessment Report 2022 warns of heightened terrorism risks post-pandemic. Given the vulnerabilities in the PSMD sector, regulated dealers should adopt a risk-based approach and implement effective AML/CFT controls and training programmes.
Overview of Regulated Dealers in Singapore
Early in the year of 2019, the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) has come into force to safeguard the precious stones and precious metals dealers (PSMD) sector against money laundering/ terrorism financing (ML/TF) risks.
The Compliance Journey of Regulated Dealers
Financial crimes like money laundering have heightened compliance risks for the PSMD sector. Under MinLaw’s AML/CFT regulations, all dealers must register, perform due diligence, and file cash transaction reports. Strengthening internal controls and staff awareness is key to preventing ML/TF violations and ensuring compliance.
