Registration Of Treasured Stones And Treasured Metals Sellers – Cash Laundering – Singapore

On 17 September 2019, the Ministry of Regulation
(“MinLaw“) issued a press launch to
remind sellers of valuable stones and valuable metals
(“Regulated Sellers“) to register their
enterprise with the Registrar of Regulated Sellers
(“Registrar“) beneath the Treasured Stones
and Treasured Metals (Prevention of Cash Laundering and Terrorism
Financing) Act 2019 (“PSPM Act“) by 9
October 2019.

Software to the Registrar for Registration as Regulated
Sellers

Candidates should pay a non-refundable utility charge of $140
upon submission of a brand new utility (or renewal) and a
registration charge of $300 per place of work per 12 months upon
notification by the Registrar. Candidates have the choice to use
for a selected class of registration, that can decide the
interval of registration, viz. Class 3 (3 years), Class 2 (2 years)
and Class 1 (1 Yr).

On 10 April 2019, the PSPM Act took impact to determine the
regulatory regime, specifically, anti-money laundering and
countering financing of terrorism
(“AML/CFT“) measures for Regulated
Sellers.

Regulatory Scope of the PSPM Act

Beneath the PSPM Act, any seller of valuable stones, valuable
metals, valuable merchandise or asset-backed tokens (as outlined
thereunder) are required, amongst different issues, to register to be a
“registered seller”.

An “asset-backed token” refers to a token, certificates
or different instrument backed by valuable stones, valuable metals or
valuable merchandise, however excludes:

• securities or derivatives contracts
  inside the meanings of the Securities and Futures Act (Cap. 289);
  and




• commodity contracts inside the
  which means of the Commodity Buying and selling Act (Cap. 48A).

Part 6(1) of the PSPM Act prohibits an individual from performing or
holding out to be a “regulated seller” except the particular person
is a registered seller.

A “regulated seller” as outlined beneath the PSPM Act
means an individual who carries on a enterprise of regulated dealing or
carries on a enterprise as an middleman for regulated dealing.
Whereas “regulated dealing” has been outlined beneath the
PSPM Act as doing any of the next:

• manufacturing any valuable stone,
  valuable steel or valuable product;




• importing or possessing on the market any
  valuable stone, valuable steel or valuable product;




• promoting or providing on the market any
  valuable stone, valuable steel or valuable product;




• promoting or redeeming asset backed
  tokens; or




• buying any valuable stone,
  valuable steel or valuable product for the needs of resale.

Finish of Transition Interval for Current Regulated Sellers beneath
the PSPM Act

From 10 October 2019, will probably be an offence for any particular person to
act as or maintain out to be a regulated seller with out registration
except exempted beneath the PSPM Act. An individual who contravenes the
stated statutory provision shall be responsible of an offence and shall be
liable on conviction to a fantastic not exceeding $75,000 or to
imprisonment for a time period not exceeding 3 years or to each and, in
the case of a seamless offence, to an extra fantastic not exceeding
$7,500 for day by day or a part of a day throughout which the offence
continues after conviction.

Exemptions from the PSPM Act

Monetary establishments regulated by the Financial Authority of
Singapore are already lined beneath different AML/CFT measures and
due to this fact exempted from the PSPM Act. Pawnbrokers are additionally excluded
from the PSPM Act as they’re topic to AML/CFT provisions beneath
the Pawnbrokers Act.

 

AML/CFT measures relevant to Regulated
Sellers

Regulated Sellers are required to implement and adjust to the
following necessities beneath the PSPM Act and the
Precious Stones and Precious Metals (Prevention of Money Laundering
and Terrorism Financing) Regulations 2019, inter
alia:

• To carry out buyer due diligence
  (“CDD“) measures beneath prescribed
  circumstances, along with the present requirement to take action for
  money transactions above S$20,000;




• To submit a duplicate of the money
  transaction experiences (“CTR“) to the
  Registrar, along with current necessities to file a CTR;




• To maintain information of transactions the place
  CDD measures are carried out, and knowledge obtained by these
  CDD measures;




• To submit a duplicate of the data
  of suspicious transaction to the Registrar, along with the
  current necessities beneath the Corruption, Drug Trafficking and
  Different Severe Crimes (Confiscation of Advantages) Act and the
  Terrorism (Suppression of Financing) Act;




• To conduct ongoing monitoring of
  transactions by periodically reviewing the data and
  paperwork obtained because of the CDD measures.

As at 15 September 2019, the MinLaw has acquired 1,475
purposes for registration, with 1,889 distinctive shops. For extra
data on the registration course of and the PSPM Act, you might
entry the next supplies on the MinLaw web site:-

This replace is supplied to you for common data and
shouldn’t be relied upon as authorized recommendation.

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