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What happens to businesses that are affected by the changes after 1 May 2024 (e.g. businesses dealing with “precious products” who have yet to be registered as regulated dealers)?
mlaw
Source: https://www.mlaw.gov.sgAs of 1 May 2024, businesses that have yet to be registered are required to submit an application for registration immediately.
While the application for registration is pending approval, businesses should adhere to the requirements as stated in Part 3 of the PSPM Act. For instance, the following should be implemented immediately:
a) Perform CDD measures in circumstances specified in Sec.16 of the PSPM Act.
b) File Cash Transaction Report (CTR) on designated transactions within 15 business days.
c) File Suspicious Transaction Report (STR) if there is suspicion of ML/TF/PF.
The Registrar may give in-principle approval around 4 weeks after receiving application.
This information provided here is sourced from the MLAW website.
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