Compliance Toolkit for PSMD

1 Apply for Applies to all regulated dealers GoBusiness Licensing portal at Registration application must be Section 6 and 7 registration unless exempted. https://www.gobusiness.gov.sg/lic approved before commencing of PSPM Act ences/. business of regulated dealing. This includes foreign individuals Regulation 17, and foreign incorporated Select ‘new licence’. (Please allow around 4 weeks for 18 and 19 of companies who carry on a the application processing, which PMLTFPF Regs business of regulated dealing or as Application and registration fees may take longer if the information an intermediary for regulated apply. is incomplete or requires dealing in Singapore for more clarifications.) than 90 days in a calendar year.

2 Apply to renew Applies to expiring registered GoBusiness Licensing portal at Renewal application must be Section 7 of registration dealers who wish to continue https://www.gobusiness.gov.sg/lic approved before expiry of PSPM Act carrying on a business of ences/. registration. regulated dealing or as an Regulation 18 intermediary for regulated Select ‘renew’. (Please allow around 4 weeks for and 19 of dealing. the application processing, which PMLTFPF Regs Registration fees apply. may take longer if the information is incomplete or requires clarifications.) Page 3 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference Section B: Notifications to be Submitted to the Registrar of Regulated Dealers

3 Notify the Applies to all registered dealers GoBusiness Licensing portal at To submit within 14 days after the Regulation 21 Registrar of when any of the following matters https://www.gobusiness.gov.sg/lic matter has occurred. of PMLTFPF change in occur: ences/. Regs particulars and circumstances (a) any change in the business Select ‘amend’. name or registered office of the registered dealer; (b) any change in the address of the registered dealer given to the Registrar for the service of documents; (c) any change in telephone number, facsimile number, email address or other contact details of the registered dealer; (d) any change of any key personnel of the registered dealer. (e) any application for a bankruptcy order made against the registered dealer or any key personnel of the registered dealer; (f) any application to place the registered dealer under judicial management or for the winding up of the registered dealer; Page 4 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference (g) any investigation or criminal proceedings against the registered dealer or a key personnel of the registered dealer, in Singapore or elsewhere.

4 Notify the Applies to all registered dealers GoBusiness Licensing portal at To submit at least 14 days before Regulation 20 Registrar on who intend to change their place https://www.gobusiness.gov.sg/lic starting/ ceasing to carry out of PMLTFPF change in place of business (e.g. add additional ences/. regulated activity at that place. Regs of business outlet, move location of existing outlet or cease existing outlet). Select ‘amend’. Registration fees apply to add additional outlets.

5 Apply for change Applies to all registered dealers GoBusiness Licensing portal at To submit at least 14 days before Section 9 of in class of who intend to change its https://www.gobusiness.gov.sg/lic starting to carry out regulated PSPM Act registration registration class. ences/. activity. Regulation 18 (Change in Select ‘amend’. of PMLTFPF condition of Regs registration) Registration fees apply to modify from Class A3 to Class B4. 3 Class A: The registration is subject to a condition that the net price of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold be less than S$2,000 a piece. 4 Class B: The registered dealer is allowed to sell precious stones, precious metals, precious products or asset-backed tokens of any value. Page 5 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference

6 Cancel Applies to registered dealers who GoBusiness Licensing portal at To submit 14 days before ceasing Regulation registration do not wish to carry on a business https://www.gobusiness.gov.sg/lic business. 20(2) of of regulated dealing or as an ences/. PMLTFPF Regs intermediary for regulated dealing. Select ‘cancel’. Section C: Regulatory Submissions to the Registrar of Regulated Dealers

7 Submit semi- Applies to all registered dealers myPal portal5 at To submit within 30 days after the Section 18 of annual returns after the end of each six-month https://www.go.gov.sg/mypal/. end of each reporting period. PSPM Act (SAR) reporting period. Select ‘Semi-Annual Return’. Reporting Submission Regulation Reporting period: period period 13(3)(e) of (a) 1 Jan to 30 Jun 1 Jan to 30 Jun 1 Jul to 30 Jul PMLTFPF Regs (b) 1 Jul to 31 Dec 1 Jul to 31 Dec 1 Jan to 30 Jan (of the following year)

8 Submit risk Applies to all registered dealers. myPal portal at For newly approved registered Section 19 of assessment https://www.go.gov.sg/mypal/. dealers: PSPM Act To upload a copy of the risk Registered dealers are required to assessment at the first semi- Regulation furnish document to the Registrar annual return submission. 14(1)(a), upon request. 14(1)(b) and 15 For existing registered dealers: of PMLTFPF To upload latest copy in the next Regs semi-annual return submission if 5 myPal portal is a one-stop secure portal for all registered dealers to interact with the Anti-Money Laundering/Countering the Financing of Terrorism Division (ACD). All registered dealers may log in using their Singpass. Page 6 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference there are updates to the risk assessment.

9 Submit internal Applies to all registered dealers. myPal portal at For newly approved registered Section 19 of policies, https://www.go.gov.sg/mypal/. dealers: PSPM Act procedures and To upload a copy of the IPPC at controls (IPPC) Registered dealers are required to the first semi-annual return Regulation furnish document to the Registrar submission. 14(1)(c) of upon request. PMLTFPF Regs For existing registered dealers: To upload latest copy in the next semi-annual return submission if there are updates to the IPPC. Section D: Regulatory Compliance

10 Conditions of Applies to all registered dealers. Registered dealers are required to Upon request by the Registrar. Section 9 of registration furnish document to the Registrar PSPM Act upon request.

11 Perform Applies to all regulated dealers Registered dealers are required to Upon request by the Registrar. Section 16 of customer due unless exempted. furnish document to the Registrar PSPM Act diligence upon request. (a) Before entering into a designated transaction6; 6 The definition of designated transaction can be found at Section 15 of PSPM Act and Regulation 4 and 4A of PMLTFPF Regulations. A designation transaction refers to any of the following transactions conducted wholly or partly in Singapore where: • The dealer sells or barters a precious stone, precious metal, precious product or asset-backed token and receives payment in cash or cash equivalent or gold (except in the form of jewellery) or digital payment tokens, where the value exceeds S$20,000 in total value. It also refers to 2 or more sales or barters of any precious stone, precious Page 7 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference (b) Where the regulated dealer Regulation 5 to has reason to suspect money 11 of PMLTFPF laundering, terrorism financing Regs or proliferation financing; (c) Where the regulated dealer has reason to doubt the veracity or adequacy of information obtained from earlier customer due diligence measures; (d) Under circumstances prescribed7 for the purposes of Section 16 of the PSPM Act.

12 File cash Applies to all regulated dealers SONAR platform8 at Not later than 15 business days Section 17 of transaction unless exempted, who enter into https://www.police.gov.sg/sonar after the date on which the PSPM Act report any designated transaction. designated transaction is entered Select ‘Cash Transaction Report’. into. Regulation 12 Click ‘Upload Report’. of PMLTFPF With effect from 1 May 2024, Regs submission of an incomplete or metal, precious product or asset-backed token in a single day to the same customer, for which the dealer receives payment in cash or cash equivalent exceeding S$20,000 in total value. • The dealer buys any precious stone, precious metal, or precious product or asset backed token from a customer (who is not a regulated dealer), and pays the customer in cash or cash equivalent exceeding S$20,000 in total value. It also refers to 2 or more purchases of any precious stone, precious metal or precious product in a single day from the same customer, for which the dealer pays the customer in cash or cash equivalent exceeding S$20,000 in total value. 7 Prescribed circumstances refer to the following: (i) before entering into a transaction involving payment in gold (except in the form of jewellery) exceeding S$20,000; (ii) before entering into a transaction involving payment in digital payment tokens exceeding S$20,000. 8 Sign up for a STRO Online Notices And Reporting platform (SONAR) user account with Suspicious Transaction Reporting Office (STRO) via the Singapore Police Force SONAR website to e-file. Page 8 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference inaccurate cash transaction report without reasonable excuse constitutes as an offence under the PSPM Act.

13 Keep records Applies to all regulated dealers Registered dealers are required to Upon request by the Registrar. Section 18 of unless exempted, to keep furnish document to the Registrar PSPM Act documents and information for 5 upon request. years. Regulation 13 of PMLTFPF (a) Every designated transaction Regs (whether or not completed) and every other transaction for which customer due diligence measures must be performed; (b) All information relating to a customer which is obtained through customer due diligence measures performed; (c) Each supporting document relied on in support of any information referred to in (b); (d) Other document and information as may be prescribed. With effect from 1 May 2024, regulated dealers that cease registration are still subject to the Page 9 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference record keeping requirement and must continue to keep these documents and information for the 5 year period.

14 Perform Applies to all regulated dealers Registered dealers are required to Upon request by the Registrar. Section 20 measures unless exempted. furnish document to the Registrar PSPM Act relating to upon request. targeted Regulation 16 financial PMLTFPF Regs sanctions9

15 File suspicious Applies to all regulated dealers SONAR platform10 at As soon as reasonably practicable Section 21 transaction unless exempted. https://www.police.gov.sg/sonar upon the establishment of PSPM Act report suspicion. Select ‘Suspicious Transaction (“As soon as practicable” should Report’. be no longer than 5 business days. Click ‘Upload Report’. Further, regulated dealers should prioritise STR filing for higher risk cases. STRs for targeted financial sanctions / sanctions cases are to be filed within one business day, if not immediately).

16 Comply with Applies to all regulated dealers Registered dealers are required to Upon request by the Registrar. Section 22 directions issued unless exempted. furnish document to the Registrar PSPM Act by the Registrar upon request. 9 Stay up-to-date by subscribing to UNSC and MAS webpages for the latest information on targeted financial sanctions. 10 Sign up for a STRO Online Notices And Reporting platform (SONAR) user account with Suspicious Transaction Reporting Office (STRO) via the Singapore Police Force SONAR website to e-file. Page 10 of 11 <!-- page break --> S/N Requirement Applies to Mode of Submission Regulatory Deadline Legislative Reference of Regulated Dealers Section E: User guides Links to ACD/ SONAR Website

1 Semi-Annual Return Instruction Guide Click here

2 Screening Function Guide in myPal Click here 3 a. SONAR User Guide for Cash Transaction Report User Click here b. Template Authorization Letter Required to Apply for Administrator User Rights (Refer to the attachment in page 4 of the above link)

4 SONAR Guide to Fill Up Electronic Form NP 784 Cash Transaction Report Click here Page 11 of 11 <!-- page break -->