Singapore legislation

Regulation 16

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

Regulation 16

Additional measures relating to targeted financial sanctions

Subregulation 1

A regulated dealer must, before dealing with any customer, take reasonable measures to assess whether the customer, any person on whose behalf the customer is acting, or a beneficial owner of the customer (where the customer is an entity or a legal arrangement) is —

(a)

a terrorist or terrorist entity under the Terrorism (Suppression of Financing) Act 2002; (b)a designated person as defined in any regulations made under the United Nations Act 2001; or

(c)

a person notified by the Registrar to the regulated dealer as a person to whom the additional measures in paragraph (2) are to apply.

Subregulation 2

If a regulated dealer has reason to suspect that the circumstances in paragraph (1)(a), (b) or (c) exist, the regulated dealer must —

(a)

decline to enter into any transaction with the customer;

(b)

terminate any transaction entered into with the customer; (c)make a report to the police; and

(d)

at the time of making the report to the police under sub‑paragraph (c) or immediately thereafter, submit a copy of the report to the Registrar.

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