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)?
Foreign dealers carrying on a business of regulated dealing, or business as an intermediary for regulated dealing, in Singapore on a transitory basis (i.e. for not more than a total of 90 days in a year) are exempted from the requirement to register under Part 2 of the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act ("PSPM Act") and Section 19 of the PSPM Act.
However, foreign dealers are still required to comply with all other regulatory requirements in the PSPM Act and Regulations which include filing of Cash Transaction Reports for designated transactions exceeding S$20,000 received as payment in cash or cash equivalent and Suspicious Transaction Reports.
You may wish to refer to the PSPM Act and Regulations on http://www.go.gov.sg/acd for details of the aforesaid requirements.
Related questions
Who needs to register as a regulated dealer?
Will there be training to help me comply with the regulatory requirements?
As a precious stones and precious metals dealer, are there individuals and entities that I am prohibited from dealing with? Where can I find the relevant information / lists of such individuals and entities?
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?
