Regulated dealers, specifically Dealers in Precious Stones and Precious Metals (PSPMDs), conducting business activities in Singapore for more than 90 days in a calendar year, are required to register with the GoBusiness Licensing Portal, in addition to registering with the Accounting and Corporate Regulatory Authority (ACRA). Without proper registration, regulated dealers in Singapore are prohibited from conducting business operations.
To ensure compliance with AML reporting obligations, regulated dealers must also create accounts on myPal and SONAR.
The infographic outlines the necessary registrations that regulated dealers must complete to maintain AML/CFT compliance in Singapore, including the filing of AML/CFT returns, Cash Transaction Reports (CTR), and Suspicious Transaction Reports (STR).
AML Singapore is a leading AML consultancy provider that offers comprehensive AML/CFT support to regulated dealers in Singapore. AML Singapore assists with obtaining the required registrations from relevant authorities, conducting Enterprise-Wide Risk Assessments, and developing internal policies, procedures, and controls to mitigate the identified risks.