Dealers in Precious Stones and Precious Metals (PSPMDs) and Pawn Brokers are classified as Regulated Dealers under Singapore’s AML/CFT regulations. These businesses are required to implement robust internal AML/CFT policies and procedures to detect and report suspicious activities. The goal is to prevent money laundering and terrorism financing, ensuring full compliance with Singapore’s AML/CFT regulatory framework.
Regulated Dealers must adhere to several key AML/CFT reporting obligations, which include:
- Semi-Annual Return (SAR)
- Suspicious Transaction Report (STR)
- Cash Transaction Report (CTR)
This infographic outlines the essential details for compliance with these reporting requirements, such as reporting periods, submission timelines, reporting methods, and the specific information that must be provided.
AML Singapore is a leading AML consultancy firm offering a comprehensive range of AML/CFT services to regulated dealers in Singapore. AML Singapore assists clients with conducting Enterprise-Wide Risk Assessments, developing AML/CFT policies, procedures, and controls, and ensuring they meet all regulatory reporting requirements in a timely and efficient manner.