Suggest a correction

Prescribed events or circumstances under section 10(1A) of Act

Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) For the purposes of section 10(1A) of the Act, any of the following events which occur, or any of the following circumstances which exist, are relevant in determining whether a registered dealer is carrying on the business of regulated dealing or business as an intermediary in Singapore:(a)the registered dealer has failed to make the registered dealer’s records mentioned in regulation 13(3)(f) available to the Registrar;(b)the registered dealer’s records mentioned in regulation 13(3)(f) made available to the Registrar record no sale of any precious stone, precious metal, precious product or asset‑backed token by the registered dealer;(c)the registered dealer has failed to respond to any correspondence sent by the Registrar —(i)by prepaid registered post in accordance with section 36A of the Act; or(ii)by —(A)email or by an internet‑based messaging service in accordance with section 36A of the Act; and(B)an electronic record to the regulated dealer’s account with the electronic service provided by the Registrar at the website of the Ministry of Law at https://acd.mlaw.gov.sg, in accordance with section 36B of the Act,where a response is required;(d)none of the locally resident directors, partners or managers, or the individual proprietor, of the registered dealer could be contacted or located by the Registrar after the Registrar had taken reasonable efforts to do so;(e)where —(i)the locally resident director, partner or manager of the registered dealer has failed to produce proof to the satisfaction of the Registrar that the registered dealer is carrying on the business of regulated dealing or business as an intermediary in Singapore; and(ii)none of the beneficial owners of the registered dealer could be contacted or located by the Registrar after the Registrar had taken reasonable efforts to do so;(f)the fact that credible information has been received by the Registrar indicating that the registered dealer is not carrying on the business of regulated dealing or business as an intermediary in Singapore.(2) In this regulation, “individual proprietor” has the meaning given by section 2(1) of the Business Names Registration Act 2014.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.