Singapore legislation

Regulation 21

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

Regulation 21

Duty to notify Registrar of change in particulars and circumstances

Subregulation 1

A registered dealer must notify the Registrar within 14 days after any of the following matters occurs:

(a)

any change in the business name or registered office of the registered dealer;

(b)

any change in the address of the registered dealer given to the Registrar for the service of documents;

(c)

any change in telephone number, facsimile number, email address or other contact details of the registered dealer;

(d)

any change of any key personnel of the registered dealer;

(e)

any change in any telephone number, facsimile number, electronic mail address or any other contact details of the registered dealer’s key personnel that had been provided to the Registrar.

Subregulation 2

[Deleted by S 260/2021]

Subregulation 3

A registered dealer must notify the Registrar within 14 days after any of the following matters occurs:

(a)

any application for a bankruptcy order made against the registered dealer or any key personnel of the registered dealer;

(b)

any application to place the registered dealer under judicial management or for the winding up of the registered dealer;

(c)

any investigation or criminal proceedings against the registered dealer or a key personnel of the registered dealer, in Singapore or elsewhere, for —

(i)

an offence involving fraud or dishonesty punishable with imprisonment for a term of 3 months or more, whether in Singapore or elsewhere; or

(ii)

a relevant offence.

Subregulation 4

A registered dealer that contravenes paragraph (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000.

Subregulation 5

In this regulation, “key personnel”, in relation to a registered dealer, means an individual who is any of the following:

(a)

where the registered dealer is a company, a substantial shareholder;

(b)

a director, manager, partner, secretary, compliance officer or other person holding an analogous position involved in the management of the registered dealer;

(c)

an employee managing the registered dealer’s business of regulated dealing or the registered dealer’s business as an intermediary, as the case may be.

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