I am considering registering as a Class A dealer, but I have concerns about potential price fluctuations and future business changes. What happens if I register as a Class A dealer now and my product prices increase due to future market changes or if I want to deal in items priced at S$2,000 or more in the future? Do I need to apply for a new registration under Class B?

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Accepted Answer

Class A dealers are only allowed to sell precious stones, precious metals and precious products up to S$2,000. While conducting business, if you find that your prices are going to exceed S$2,000, you can apply to amend your registration to Class B by paying a prorated registration fee as per Regulation 18 of the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations.

To amend your registration from Class A to Class B, you will need to submit an amendment application via GoBusiness Dashboard.

The additional registration fees are payable through GoBusiness Dashboard using e-payment options. Cash is not accepted.

For the latest fees for registration and renewal, visit:

Registration: https://acd.mlaw.gov.sg/registration/
Renewal: https://acd.mlaw.gov.sg/renewal/

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Related questions

Who needs to register as a regulated dealer?

I have received the email to make Stage 2 payment (for new application, amendment application to add place of business and amendment application to upgrade to Class B). What if I miss the deadline to pay the registration fees?

I am a foreign incorporated business/ company/ individual. Do I need to register (e.g. I am the supplier of precious stones and precious metals to a regulated dealer in Singapore. I do not carry out sales in Singapore)?

Will there be training to help me comply with the regulatory requirements?

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