Regulatory Alerts2025-06-30
Added
Notice PSM-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing In Precious Stones And Precious Metals
The Monetary Authority of Singapore issued Notice PSM-N01 to impose anti-money laundering and countering the financing of terrorism requirements on financial institutions dealing in precious stones and metals. This notice mandates robust controls for customer identification, regular account reviews, and prompt reporting of suspicious transactions to detect illicit fund flows. It takes effect on 1 July 2025, cancelling the previous version dated 1 March 2022, while requiring institutions to maintain compliance with other applicable AML/CFT notices for non-PSM activities.
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