In forceAmended2020 Revised Edition

Contents

Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 3 · Prevention of Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction

18. Keeping of records

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Amended

Last amended by an amending law of 2024.

(1)

A regulated dealer must keep the following documents and information for the prescribed period:

(a)

a record of every designated transaction (whether or not completed) and every other transaction for which the customer due diligence measures mentioned in section 16 must be performed, containing the prescribed information on that transaction;

(b)

a record of all information relating to a customer which is obtained through the customer due diligence measures performed under section 16;

(c)

a copy of each supporting document relied on in support of any information referred to in paragraph (b);

(d)

any other document and information that may be prescribed.

(1A)

A regulated dealer who becomes a former regulated dealer on or after the commencement date must continue to keep each of the documents and information mentioned in subsection (1), that were required to be kept by the regulated dealer, until the end of the prescribed period applicable to each of those documents and information.

(2)

For the purposes of subsection (1), different periods may be prescribed for different regulated dealers or classes of regulated dealers, different types of designated transactions or different documents and information.

(3)

A regulated dealer or former regulated dealer must keep the documents and information mentioned in subsection (1) in the form prescribed.

(4)

A regulated dealer or former regulated dealer must make the documents and information mentioned in subsection (1) available upon request to the Registrar in the manner prescribed.

(5)

A regulated dealer or former regulated dealer who contravenes subsection (1), (3) or (4) (read with subsection (1A) where applicable) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

(6)

In this section —

“commencement date” means the date of commencement of section 13 of the Prevention of Proliferation Financing and Other Matters Act 2024;

“former regulated dealer” means a regulated dealer who has ceased to carry on any business of regulated dealing or business as an intermediary in Singapore.

Terms defined in this Act

customer
Defined · s 2
“customer” means a person with whom a regulated dealer enters into or intends to enter into a transaction;
Open s 2
designated transaction
Defined · s 15
“designated transaction” means any of the following transactions conducted wholly or partly in Singapore:(a)a sale of any precious stone, precious metal, precious product or asset‑backed token by a regulated dealer to a customer, for which cash or a cash equivalent exceeding the threshold amount is received as payment;(b)2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day by a regulated dealer to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;(c)a purchase of any precious stone, precious metal or precious product from a customer (who is not a regulated dealer) by a regulated dealer (who is a secondhand goods dealer), for which cash or a cash equivalent exceeding the threshold amount is received as payment;(d)a transaction prescribed as a designated transaction;
Open s 15
intermediary
Defined · s 2
“intermediary”, in relation to regulated dealing, means a broker, an auctioneer, an exchange or any provider of a trading or clearing facility, for regulated dealing, whether by electronic means or otherwise;
Open s 2
Registrar
Defined · s 2
“Registrar” means the Registrar of Regulated Dealers appointed under section 4(1);
Open s 2
regulated dealer
Defined · s 2
“regulated dealer” means any person who carries on —(a)a business of regulated dealing; or(b)business as an intermediary for regulated dealing,but excludes a pawnbroker and any other person as may be prescribed;
Open s 2
regulated dealing
Defined · s 2
“regulated dealing” means doing any of the following:(a)manufacturing any precious stone, precious metal or precious product; (b)importing or possessing for sale any precious stone, precious metal or precious product; (c)selling or offering for sale any precious stone, precious metal or precious product;(d)selling or redeeming asset‑backed tokens;(e)purchasing any precious stone, precious metal or precious product for the purposes of resale;
Open s 2