Guidelines for Regulated Dealers in the PSPM
Guidelines for Regulated Dealers in the Precious Stones and Precious Metals Dealers Sector on Anti-Money Laundering/Countering the Financing of Terrorism/Countering Proliferation Financing
Singapore’s Ministry of Law has issued Guidelines for Regulated Dealers in the Precious Stones and Precious Metals Dealers (PSMD) Sector on Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) or Countering Proliferation Financing (CPF).
What to Expect in the Guidelines for Regulated Dealers in the Precious Stones and Precious Metals Dealers Sector
The recently updated guidelines have enhanced the regulatory requirements for Precious Stones and Precious Metals Dealers (PSMD). Here’s a gist of all that’s new:
- Enlarged Scope of Relevant Offences: Counter Proliferation Financing (CPF) measures are included along with AML/CFT measures.
- More Inclusive Definitions:
- Asset-based tokens now accommodate digital trends.
- In addition to the products that derive fifty per cent of their value from PSPM, the scope of precious products is henceforth expanded for any finished product above the specified net price (S$ 20,000), including jewellery, ornaments, apparel, watches and accessories.
- Explainer for New Offences: Guides on the new offences added in the Precious Stones and Precious Metals (PSPM) Act, such as submitting an incomplete or inaccurate Cash Transaction Report.
- Greater Responsibility: Strengthened obligations for record-keeping. Higher Accountability from directors, senior management and compliance officers
Head to the Guidelines now to find the latest regulatory requirements for PSPM Dealers!