AML Registration by Regulated Dealers in Singapore

Regulated dealers subject to AML/CFT regulations , i.e., Dealers in Precious Stones and Precious Metals (PSPMDs) conducting business activities in Singapore for more than 90 days in a calendar year, must register with the GoBusiness Licensing Portal, subject to registration with the Accounting and Corporate Regulatory Authority (ACRA). The regulated dealers in Singapore can conduct no dealings without adequate registration.

Further, to ensure compliance with AML reporting obligations, the regulated dealers must create an account on myPal and SONAR.

The infographic depicts the registrations that a regulated dealer must have to ensure AML/CFT compliance in Singapore, including filing AML/CFT returns, Cash Transaction Reports (CTR) and Suspicious Transaction Reports (STR).

AML Singapore is an AML consultancy service provider offering end-to-end AML/CFT support to regulated dealers in Singapore. AML Singapore assists in obtaining necessary registrations with the relevant authorities, performing Enterprise-Wide Risk Assessment, and designing the internal policies, procedures and controls to manage the identified risk.