I am a wholesaler. Do I need to perform customer due diligence ("CDD") if I received payment in gold bar or scrap gold bar? Do I need to submit a Cash Transaction Report ("CTR") if the transaction involved payment in gold bar/scrap gold/gold jewellery?
All Regulated Dealers are required to perform CDD measures for transactions involving payments in gold bars (IPM or scrapped) exceeding S$20,000 in total value.
For example, you must perform CDD measures on a customer if customer pays for 1kg of gold chains sold at S$96,000 using 1 kg of gold bars (IPM/ scrapped gold bars valued at S$84,000) and S$12,000 in cash as payment.
You are not required to submit a CTR if the transaction involved payment in gold bar/scrap gold/gold jewellery, as it is not a designated transaction.
A designated transaction involves payment in cash and cash equivalent exceeding S$20,000 in total value.
Related questions
A customer trades-in jewellery/gold bar/s or any other precious stone and precious metal ("PSPM"). The total cash received from the customer, for payment, is below the threshold of S$20,000. Is there a need to file a Cash Transaction Report ("CTR")?
Can I consolidate the submission of Cash Transaction Report ("CTR") (e.g. on a monthly basis)?
I suspect that a cash transaction that exceeds S$20,000 is related to criminal conduct. What reports do I need to submit?
I am unable to obtain all the identity of the individuals with senior management position of my corporate customer. Can I just proceed to transact with the corporate customer by obtaining and verifying the ACRA BizFile report only? What if customer refuses to provide his identifying information for customer due diligence?
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