Video on AML/CFT Regulatory Framework for Precious Stones and Precious Metals Dealers (PSMD) in Singapore

Video on AML/CFT Regulatory Framework for Precious Stones and Precious Metals Dealers (PSMD) in Singapore

Singapore has one of the most robust regulatory frameworks for anti-money laundering and countering the financing of terrorists (AML/CFT) for Precious Stones and Precious Metals Dealers.

Dealers in PSPM are considered regulated dealers – the ones who perform regulated dealings or act as a bridge facilitating the regulated dealings.

So, what comes under the regulated dealings in the context of precious stones, metals, or products?

  • Manufacturing
  • Importing
  • Possessing
  • Selling or
  • Redeeming asset-backed tokens

The video explains the regulatory framework, which outlines the scope of regulated dealings. The framework consists of:

  • Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act) – “CDCA”
  • The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 or PSPM Act
  • Terrorism (Suppression of Financing) Act 2002
  • The United Nations Act 2001

Chapters

  • 0:00 Introduction on AML/CFT Regulatory Framework for Precious Stones and Precious Metals Dealers (PSMD) in Singapore
  • 0:30 What is regulated dealing?
  • 0:47 What are regulated dealing frameworks?
  • 1:13 What are the specific requirements of regulated dealing?
  • 1:29 How did Singapore combat terrorism financing?
  • 1:43 what united nations act 2001 requires from singapore?
  • 1:55 Conclusion and Regards

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