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;
“foreign country or territory” means a country, territory or jurisdiction other than Singapore;
[S 990/2020 wef 14/12/2020]
“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);
“net price”, in relation to any precious stone, precious metal, precious product or asset-backed token sold by a regulated dealer, means the list price of the precious stone, precious metal, precious product or asset-backed token —
(a)deducting any discount or rebate which the regulated dealer proposes to give to the customer in connection with the sale of the precious stone, precious metal, precious product or asset-backed token; but
(b)including —
(i)any tax charged on the sale of the precious stone, precious metal, precious product or asset-backed token; and
(ii)any fee or charge imposed by the regulated dealer in connection with the sale of the precious stone, precious metal, precious product or asset-backed token;
[S 728/2023 wef 15/11/2023]
“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 foreign country or territory; or
[S 990/2020 wef 14/12/2020]
(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;
[S 990/2020 wef 14/12/2020]
“relevant country or territory” means a foreign country or territory that is subject to a call made by the FATF (through a public statement, notice or directive published on its official website at https://www.fatf-gafi.org/) for countermeasures or enhanced customer due diligence measures.
[S 990/2020 wef 14/12/2020]
Cash equivalent
3.—(1)  For the purposes of section 15 of the Act, “cash equivalent” means any of the following:
(a)a cash cheque or traveller’s cheque;
(b)a payment account that contains e-money;
(c)a voucher (whether in physical or electronic form) the redemption of which in accordance with its terms entitles the holder to receive goods or services up to the value stated on or recorded in or in respect of the voucher, whether such value is in terms that are monetary or non-monetary;
(d)a token, stamp, coupon or other article (whether in physical or electronic form) 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 token, stamp, coupon, or other article;
(e)any negotiable instrument that is in bearer form, indorsed without any restriction, made out to a fictitious payee or otherwise in such form that title thereto passes upon delivery,
and includes a negotiable instrument that has been signed but with the payee’s name omitted.
(2)  In this regulation, “e-money” and “payment account” have the meanings given by section 2(1) of the Payment Services Act 2019.
[S 728/2023 wef 15/11/2023]
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.
Transactions in prescribed circumstances
4A.—(1)  For the purpose of section 16(1)(d) of the Act, each of the following circumstances are circumstances in which a regulated dealer must perform the prescribed customer due diligence measures in regulations 5 and 6, and a reference in those regulations to a designated transaction is a reference to a transaction that takes place in any of the circumstances prescribed in this paragraph:
(a)the regulated dealer makes a sale or barter of any precious stone, precious metal, precious product or asset-backed token to a customer, for which gold (except in the form of jewellery) the value of which exceeds the threshold amount is received as payment;
(b)the regulated dealer makes 2 or more sales or barters of any precious stone, precious metal, precious product or asset-backed token in a single day to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which gold (except in the form of jewellery) the total value of which exceeds the threshold amount is received as payment;
(c)the regulated dealer makes a sale of any precious stone, precious metal, precious product or asset-backed token to a customer, for which digital payment tokens the value of which exceeds the threshold amount are received as payment;
(d)the regulated dealer makes 2 or more sales of any precious stone, precious metal, precious product or asset-backed token in a single day to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which digital payment tokens the total value of which exceeds the threshold amount are received as payment.
(2)  In this regulation —
“digital payment token” has the meaning given by section 2(1) of the Payment Services Act 2019;
“threshold amount” has the meaning given by section 15 of the Act.
[S 728/2023 wef 15/11/2023]
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]