Singapore legislation

Section 19

of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019

Section 19

Programmes and measures to prevent money laundering and terrorism financing

(1)

A regulated dealer must, in relation to the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing, implement adequate programmes and measures to prevent money laundering and terrorism financing.

(2)

The type and extent of the measures to be taken under subsection (1) must —

(a)

comply with any requirements that may be prescribed; and (b)be appropriate, having regard to the risk of money laundering and terrorism financing and the size of the regulated dealer’s business.

(3)

A regulated dealer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

Read in full context — Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 →