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.
Notices
Last Revised Date: 30 June 2025
Notice PSM-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing In Precious Stones And Precious Metals
Requirements for financial institutions dealing in precious stones and precious metals on anti-money laundering (AML) and countering the financing of terrorism (CFT)
View Notice
Notice PSM-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing In Precious Stones And Precious Metals
(269 KB)
Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds or activities through Singapore's financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction promptly.
The Precious Stones and Metals (PSM) Notice applies to all financial institutions which carry on the business of regulated dealing in PSM or as an intermediary for regulated dealing in PSM. For avoidance of doubt, financial institutions also have to comply with their existing AML/CFT Notices that are applicable to them with respect to their financial activities and customers which are not covered under the PSM Notice.
30 June 2025 This MAS Notice PSM-N01 (Cancellation) Notice dated 30 June 2025 (84.6 KB) cancels MAS Notice PSM-N01 on “Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing in Precious Stones and Precious Metals” dated 1 March 2022
with effect from 1 July 2025.
01 Mar 2022
Notice PSM-N01 dated 01 Mar 2022 (246.3 KB) takes effect.
The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Parliament passed the PS Act...