No. S 306
Precious Stones and Precious Metals
(Prevention of Money Laundering and
Terrorism Financing) Act 2019
(ACT 7 OF 2019)
Precious Stones and Precious Metals
(Prevention of Money Laundering and
Terrorism Financing) Regulations 2019
In exercise of the powers conferred by section 39 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019, the Minister for Law makes the following Regulations:
PART 1
PRELIMINARY
Citation and commencement
1.  These Regulations are the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 and come into operation on 10 April 2019.
Definitions
2.  In these Regulations —
“beneficial owner”, in relation to an entity or a legal arrangement, means —
(a)an individual who ultimately owns or controls the entity or legal arrangement;
(b)an individual who exercises ultimate effective control over the entity or legal arrangement; or
(c)an individual on whose behalf the entity or legal arrangement conducts any transaction with a regulated dealer;
“business day” means a day other than a Saturday, Sunday or public holiday;
“close associate”, in relation to a politically‑exposed person, means —
(a)a partner of the politically‑exposed person;
(b)a person accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the politically‑exposed person;
(c)a person whose directions, instructions or wishes the politically‑exposed person is accustomed or under an obligation, whether formal or informal, to act in accordance with; or
(d)a person with whom the politically‑exposed person has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together;
“family member”, in relation to a politically‑exposed person, means a spouse, a child, an adopted child or a stepchild, a sibling, an adopted sibling or a stepsibling or a parent or step‑parent, of the politically‑exposed person;
“identifying information” means all of the following information:
(a)full name, including any alias used;
(b)date of birth, for an individual;
(c)address, which must be —
(i)for an individual, the address of the individual’s usual place of residence; or
(ii)for a body corporate or unincorporate, the address of its registered office and principal place of business;
(d)contact number or numbers;
(e)nationality, for an individual, or place of incorporation or registration, for a body corporate or unincorporate;
(f)identification number, which must be —
(i)for an individual, an identity card number, a passport number, a taxpayer identification number, or the number of any other document of identity issued by a government as evidence of the individual’s nationality or residence and bearing a photograph of the individual; or
(ii)for a body corporate or unincorporate, a registration number, or the number of any other document issued by any government certifying the incorporation, registration or existence of the body corporate or unincorporate;
(g)the type of identifying document mentioned in paragraph (f) and the expiry date (if any) of the identifying document;
(h)occupation, for an individual, or business, for a body corporate or unincorporate;
“Monetary Authority of Singapore” means the Monetary Authority of Singapore established by section 3 of the Monetary Authority of Singapore Act (Cap. 186);
“place of business”, in relation to a registered dealer, means —
(a)the address of any place where the registered dealer maintains a fixed place of business in Singapore to carry out the business of regulated dealing or business as an intermediary for regulated dealing; or
(b)if the registered dealer does not have a fixed place of business in Singapore —
(i)the registered office of a registered dealer that is a company or firm; or
(ii)the usual place of residence of a registered dealer who is a natural person;
“politically-exposed person” means an individual who is or has been entrusted with a prominent public function —
(a)in Singapore;
(b)in a country or territory outside Singapore; or
(c)in an international organisation;
“prominent public function” includes the role held by a head of state, head of government, government minister, senior civil or public servant, senior judicial or military official, senior executive of a state‑owned corporation, senior political party official, member of the legislature or member of the senior management of an international organisation (including a director, deputy director or member of a board or an equivalent function);
“regulated activity”, for a registered dealer, means a business of regulated dealing or business as an intermediary for regulated dealing.
Cash equivalent
3.  Any physical or electronic form of a voucher, token, stamp, coupon, card or other article the redemption of which in accordance with its terms entitles the holder to receive any precious stone, precious metal or precious product up to the value stated on or recorded in or in respect of the voucher, token, stamp, coupon, card or other article, is a cash equivalent for the purposes of the definition of “cash equivalent” in section 15 of the Act.
Designated transaction
4.—(1)  Each of the following transactions is a designated transaction for the purposes of paragraph (d) of the definition of “designated transaction” in section 15 of the Act:
(a)a redemption of an asset‑backed token from a customer (who is not a regulated dealer) by a regulated dealer, for cash or a cash equivalent exceeding the threshold amount;
(b)2 or more purchases of any precious stone, precious metal or precious product in a single day by a regulated dealer (who is a secondhand goods dealer), from the same customer, or customers whom the regulated dealer knows act on behalf of the same person (none of whom are regulated dealers), for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;
(c)2 or more redemptions of any asset‑backed token in a single day by a regulated dealer from the same customer, or customers whom the regulated dealer knows act on behalf of the same person (none of whom are regulated dealers), for cash or a cash equivalent exceeding the threshold amount.
(2)  In this regulation, “threshold amount” has the meaning given by section 15 of the Act.
Made on 8 April 2019.
NG HOW YUE
Permanent Secretary,
Ministry of Law,
Singapore.
[LAW 113/001; AG/LEGIS/SL/237B/2015/1 Vol. 1]