A Step-by-Step Guide to Become a Registered Regulated Dealer
What is a Regulated Dealer?
Regulated dealer is any person who conducts business activity that involves regulated dealing, be it directly or as an intermediary. With effect from 10 April 2019, relevant parties who carry on business of regulated dealing in precious stones (e.g. diamonds, rubies), precious metals (e.g. gold, silver) or precious products (e.g. jewellery made up of any precious stone or precious metal), unless exempted, have to register with the Registrar of Regulated Dealers under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”). Meanwhile, the Financial Institutions licensed and regulated by the Monetary Authority of Singapore (MAS) are exempted from the Act as they are subject to AML/CFT measures under MAS regulations. The purpose of such registration is to tackle money laundering and terrorism financing (ML/TF) as the sector has a high risk of exposure to financial crime.
What are the Requirements for Registered Dealers?
Entity-based Requirements
- Conduct risk assessment to record the customer profile, risk rating and mitigation plan
- Develop Internal Policies, Procedures and Controls (IPPC) to be used as a guideline for all employees
Transaction-based Requirements
- Customer Due Diligence (CDD) measures
- Enhanced Customer Due Diligence (ECDD) measures
- Cash Transaction Report (CTR)/ Suspicious Transaction Report (STR) filing
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