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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?

Updated by MLAW

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.

Topics:

Precious Stones and Precious Metals DealersRegulatory Regime - CTR Filing / CDD matters

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