AML Semi Annual Return Submission
AML Semi Annual Return Submission
From 1st January 2021, the dealers in precious metals and precious stones in Singapore are required to furnish a semi-annual return related to their business operations and transaction for the past six months. This semi-annual report is to be filed with the Ministry of Law within 30 days after the completion of the six months period.
This report is to be furnished online via myPal website.
Reporting Period | Submission Due Date |
|---|---|
1 January to 30 June | Till 30th of July |
1 July to 31 December | Till 30th of January (of the following year) |
Information to be submitted in AML Semi Annual Return
Company profile
- Company’s business outside Singapore
- Details of foreign ownership
- Details of the workforce employed
Details about product dealt with over the past six months
- Sourcing of PMPS
- Channel/movement
- Highest priced PMPS
- Mode of payment, etc.
Designated transactions
- Transactions exceeding $20,000
- Details of customer’s countries
- Customers opting for non face-to-face meetings
- PEP Status, etc.
Entity’s established set of AML/CFT-related policies and procedures and risk assessment
- Policies around CDD, screening (B2B partners and employees), reporting, etc.
- AML training conducted by the entity
- Uploading the internal AML Policies, Procedures, and Controls document
- Uploading the risk assessment document
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How can AML Singapore helps you with AML Semi Annual Return
AML Singapore assists dealers in precious metals and stones to comply with the semi-annual return filing requirement. With our team of experienced professionals, we help you with implementing standard procedures around AML-related data so that the collation of data for six months does not seem to be difficult or time-consuming.
This would also ensure that you have the right set of data, capturing all the relevant details and documents. AML Singapore is here to help you put the data into the Ministry’s return format, ensuring timely submission of accurate data. With our support of semi-annual AML risk assessment return, we move your business a step closure to achieving 100% compliance with Singapore’s AML regulations.