Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 2 · Registration of Regulated Dealers
6. No regulated dealing without registration
Feedback & supportA person must not act as or hold out to be a regulated dealer unless the person is a registered dealer.
regulated dealer
“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;
A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.