NOTICE FOR CUSTOMERS

Precious Stones and Precious Metals (Prevention of Money

Laundering and Terrorism Financing) Act 2019 (PSPM Act)

In April 2019, Singapore passed the PSPM Act that introduced an anti-money laundering

and countering the financing of terrorism regime to strengthen Singapore’s overall efforts in

countering money laundering and terrorism financing.

All regulated dealers and their customers have important roles to play.

What do you need to do?

Under the PSPM Act, regulated dealers must perform customer due diligence.

This includes verifying your identity and keeping a copy of the documents. The documents

include:

• identity card

• passport

• other forms of government-issued identification document (with photograph)

Regulated dealers may also ask you for:

• contact details

• occupation

• source of wealth

• source of funds

What happens if you do not give your identifying information?

If the regulated dealer is unable to obtain your identifying information, the law prohibits

them from completing the transaction.

They are also required to terminate any transaction they have entered into with you.

What happens to your personal information?

Regulated dealers are required to protect the information collected in accordance with the

Personal Data Protection Act 2012.

Please visit acd.mlaw.gov.sg for more information.

Ministry of Law (Anti-Money

Laundering/Countering the Financing

of Terrorism Division) website.