Regulatory Alerts2025-06-30
Added · Updated
Notice PSM-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing In Precious Stones And Precious Metals
This Notice applies to all financial institutions carrying on a business of regulated dealing or acting as an intermediary for regulated dealing, requiring them to implement anti-money laundering and countering the financing of terrorism measures. It establishes a threshold amount of S$20,000 for relevant business transactions and mandates customer due diligence, including identification, verification, and beneficial owner checks. The document exempts specific licensed entities from certain AML/CFT requirements of other notices only to the extent they relate to regulated dealing, while specifying that these entities must still comply with this Notice. The requirements take effect from 1 July 2025.