MinLaw introduces new registration scheme and notification requirements for precious stones and precious metals dealers, and provides online training for submission of semi-annual returns

28 April 2021

On 10 April 2021, the Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”) of the Ministry of Law (“MinLaw”) announced a new registration scheme and notification requirements for regulated precious stones and precious metals dealers (“regulated dealers”) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations (“PMLTF Regulations”).

ACD also announced the commencement of online training in May 2021 for registered regulated dealers to provide guidance on the submission of
semi-annual returns.

Set out below is a summary of the requirements which took effect from 10 April 2021, and the background behind the submission of semi-annual returns for regulated dealers.

New registration scheme

For new registration and renewal applications of regulated dealers submitted from 10 April 2021 under the PMLTF Regulations, the following will apply:

  • New applications: The application fee for new entrants will be reduced from S$140 to S$120. 
  • Renewal: Regulated dealers are no longer required to pay a renewal application fee. This will be factored into the registration fees. 
  • Registration: Registration fees for new applicants and renewal applications where the net price (inclusive of GST) of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the registered dealer is less than S$2,000 a piece, will be SS$250 per outlet per year. Otherwise, it will be S$350 per outlet per year.
  • Registration period: New registrations and renewals will be valid for one year.
  • Transition period: Regulated dealers who have a valid registration before 10 April 2021 will continue with their registration until expiry. 

A table setting out a summary of the new registration scheme is set out below.

Registration tier available

Registration condition imposed

Registration fee

Duration

Class A

The registration is subject to a condition that the net price of every precious stone, precious metal, precious product or asset-backed token that is or is to be sold by the registered dealer be less than S$2,000 a piece.

S$250 per outlet annually

To be renewed annually

Class B

The registered dealer is allowed to sell precious stones, precious metals, precious products or asset-backed tokens of any value.

S$350 per outlet annually

To be renewed annually

(Source: MinLaw press release on New registration scheme and notification requirements with effect from 10 April 2021)

New notification requirements

Regulation 21 of the PMLTF Regulations is amended to simplify the notification requirements for registered dealers. Instead of notifying the Registrar of Regulated Dealers (“Registrar”) 14 days in advance, a registered dealer must notify the Registrar within 14 days after any of the following matters occurs:

  • Any change in the business name or registered office of the registered dealer; 
  • Any change in the address of the registered dealer given to the Registrar for the service of documents; 
  • Any change in telephone number, facsimile number, email address or other contact details of the registered dealer; or 
  • Any change of any key personnel of the registered dealer.

Online training on submission of semi-annual returns

ACD announced the commencement of online trainings in May 2021 for registered regulated dealers to provide guidance on the submission of semi-annual returns on ACD’s e-Portal for regulated dealers. By way of background, ACD previously announced that regulated dealers are required to submit mandatory semi-annual returns related to their business and transactions in six-month periods with effect from 1 January 2021. The first reporting period is from 1 January 2021 to 30 June 2021, with the submission due within 30 days, i.e. by 30 July 2021.

Subsidiary legislation

The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) (Amendment) Regulations 2021 came into operation on
10 April 2021.

Reference materials

The following materials are available on the ACD website acd.mlaw.gov.sg, MinLaw website mlaw.gov.sg, and the Singapore Statutes Online website sso.agc.gov.sg: