Guide for Foreign Dealers of Precious Stones, Precious Metals and Precious Products (brochure)

<!-- page 1 --> VV What is Regulated Dealing? i. O > ; | |e; N * manufacturing any PS, PM or PP; * importing or possessing for sale any PS, PM Or PP; * selling or offering for sale any PS, PM or PP; * selling of redeeming any asset-backed tokens; or * purchasing any PS, PM or PP for the OF PRECIOUS STONES, PRECIOUS METALS purposes of sale. AND PRECIOUS PRODUCTS Ve Who is a Regulated Dealer? . - Any person who carries on a business: = + of regulated dealing; or * as an intermediary for regulated dealing. 2 é V Whois a Foreign Dealer? pa AFD means a regulated dealer that ; « is registered or incorporated outside Singapore OR habitually resides outside of m ds 2 Singapore; and = me a « does not have a permanent establishment, ML) P n = as a place of management or a branch in F Bs Singapore. 5 -e Toa re PO ere ea mea . ce s / Uke) : ee Y a ee ww Are Foreign Dealers required to ce Etre Pee ee Gama ie register? muse on If you carry on business in Singapore for more ee ll : than 90 days in a year, you are required to j . i* register. ¢ ie . ; ; = — ba If you are not registered, you Ae i , , _ my be guilty of an offence and ee : a shall be liable on conviction to a A et he fine and/or imprisonment. me — pe ales TN oon What are the requirements under oe fa \\ arene the Precious Stones and Precious \Z 9 fi }} ne Metals (Prevention of Money } \ } Doentettey Laundering, Terrorism Financing How to 2 and Proliferation Financing) Act? —, Precious Metol * Submit your application to register with the Po Entity-Based Requirements Registrar of Regulated Dealers and pay your eared (for Registered Foreign Dealers): pplication fee.ot: eee errr aaeeretorren Py « Implementing adequate programmes https://go.gov.sg/gobusiness-licences-psmd ete Rot c Late cuales aye} and measures to prevent ML/TF/PF. * Applications will be reviewed and may be Money Laundering / ests ie Ae | Proliferation * submitting semi-annual returns. granted in-principle approval by the Gael) Registrar po For more details, refer to: eee te) https://go.gov.sg/entity-based- ATTENTION * After receiving the in-principle approval, pay requirements-psmd ZN your registration fee (fee per place of eae} eres Tee) ty business is dependent on the selected class om, Regardless of whether reogsiraton of registration), ee ee any een is required, all Foreign Dea lers must _ coupy with all other applicable ¢ The Registrar will issue your Certificate of Beet RC eta n sed regulatory requirements. Registration. = Transaction-Based Pot Requirements: J wea iN [Seer * Performing CDD under prescribed IN circumstances. isa TU 7 aoe * Performing ECDD on _higher-risk an ; = eager ageed ee customers and transactions. loa oad th grate § * Filing CTRs for cash transactions ee BC roa Bo z exceeding $20,000". Cleelaiaeheiicms (esac. Ml ee =a * Fling stRts where there is suspicion of 3 ML/TF/PEP*. ; he re ci’ . For screening of individuals and . 4 Ae 3014, silver, platinum, iridium, osmium, pallodiurr * Keeping records of documents and entities designated under the are rs ell ret ee Att Boa arn tt Naa information relating to transactions United ta Act and the ia Ses BE a i mt where CDD/ECDD is conducted (for a Tes Ch ots ia eolog F whe period of 5 years). Financing) Act — ae se ae, 3 (| For mare oot aes to: Se { ; g https://go.gov.sg/transaction-based- - caren YZ requirements-psmd For more AML/CFT/CPF eS) o Tce ; = Ce MSMR accom HS G a-4 i Pere ree trae) SS ee Tee Ske eos = SY Ro RSS et YT ** STR must be filed os soon as procticable upon the risk assessment documents mea? Eg finished product that is made up of, tair Pa tats] estoblishment of sutpicion of ML/TE/PF. “As s00n os Mikhak da Practicabie® should be no longer thon 5 business doys. jee sepceenr pad etd [torsades eal stent eta Pej nary aol apes he ekics pokiw Gimsebeip bal by phos anit for targeted financial sanctions / sanctions cates ore to eer anelen heh ton ens are be filed within one business day, if not immediately