Singapore legislation
Regulation 4A
Regulation 4A
Transactions in prescribed circumstances
Subregulation 1
For the purpose of section 16(1)(d) of the Act, each of the following circumstances are circumstances in which a regulated dealer must perform the prescribed customer due diligence measures in regulations 5 and 6, and a reference in those regulations to a designated transaction is a reference to a transaction that takes place in any of the circumstances prescribed in this paragraph: (a)the regulated dealer makes a sale or barter of any precious stone, precious metal, precious product or asset‑backed token to a customer, for which gold (except in the form of jewellery) the value of which exceeds the threshold amount is received as payment;
the regulated dealer makes 2 or more sales or barters of any precious stone, precious metal, precious product or asset‑backed token in a single day to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which gold (except in the form of jewellery) the total value of which exceeds the threshold amount is received as payment;
the regulated dealer makes a sale of any precious stone, precious metal, precious product or asset‑backed token to a customer, for which digital payment tokens the value of which exceeds the threshold amount are received as payment;
the regulated dealer makes 2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which digital payment tokens the total value of which exceeds the threshold amount are received as payment.
Subregulation 2
In this regulation —
Definition
“digital payment token” has the meaning given by section 2(1) of the Payment Services Act 2019;
Definition
“threshold amount” has the meaning given by section 15 of the Act.