Last Revised Date: 01 March 2022

Notice PSM-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Institutions Dealing In Precious Stones And Precious Metals

Requirements for financial institutions dealing in precious stones and precious metals on anti-money laundering (AML) and countering the financing of terrorism (CFT)

Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds or activities through Singapore's financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction promptly.

The Precious Stones and Metals (PSM) Notice applies to all financial institutions which carry on the business of regulated dealing in PSM or as an intermediary for regulated dealing in PSM. For avoidance of doubt, financial institutions also have to comply with their existing AML/CFT Notices that are applicable to them with respect to their financial activities and customers which are not covered under the PSM Notice.

Amendment Notes