Money laundering: Singapore discusses new rules, CDD for gold dealers
13 Feb 2019

Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing.

Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, outlined details of the planned law and its progress on Monday.

He explained that the new rules would require regulated dealers to keep records of transactions where CDD measures are performed, as well as information obtained through the CDD measures.

Dealers would also need to perform CDD measures under prescribed circumstances, in addition to the existing requirement to do so for cash transactions above $20,000.

They will also have to submit a copy of the information [on] suspicious transactions to the Registrar, in addition to an existing requirement to disclose suspicious transactions.

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