![]() You sell any PSPM to a customer and receive cash or cash equivalent exceeding SGD 20,000 as payment or.If you are a pawnbroker under the Pawnbrokers Act, you are required to submit a Cash Transaction Report ( CTR) to the Suspicious Transaction Reporting Office (STRO) and a copy separately to the Registry of Pawnbrokers (ROP) when: You conduct two or more redemptions of any asset-backed token(s) in a single day from the same customer, or customers whom you know act on behalf of the same person (none of whom are regulated dealers), for cash or cash equivalent exceeding SGD 20,000.Īny regulated dealer who fails to comply with the above requirement shall be guilty of an offence and shall be liable on conviction to a fine not exceeding SGD 20,000 and/or imprisonment for a term of up to two years.įor more information, please refer to ACD's website.You redeem an asset-backed token(s) from a customer (who is not a regulated dealer) for cash or cash equivalent in total exceeding SGD 20,000 or.You (as a secondhand goods dealer) make two or more purchases of any PSPM in a single day, from the same customer, or customers whom you know are acting on behalf of the same person (none of whom are regulated dealers) and pay cash or cash equivalent exceeding SGD 20,000.You (as a secondhand goods dealer) purchase any PSPM from a customer (who is not a regulated dealer) and pay cash or cash equivalent exceeding SGD 20,000.You conduct two or more sales of any PSPM or asset-backed token(s) in a single day to the same customer, or to customers whom you know act on behalf of the same person and receive cash or cash equivalent in total exceeding SGD 20,000 as payment.You sell any precious stone(s), precious metal(s), precious product(s) ( PSPM) or asset-backed token(s) to a customer and receive cash or cash equivalent exceeding SGD 20,000 as payment If you are a regulated dealer under the PSPM Act, you are required to submit a Cash Transaction Report ( CTR) to the Suspicious Transaction Reporting Office (STRO) and a copy separately to the Anti-Money Laundering/ Countering the Financing of Terrorism Division (ACD) when: Section 17 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 ( PSPM Act ) and section 74A of the Pawnbrokers Act 2015 set out the cash transaction reporting regime for cash transactions in precious stone, precious metals, precious products and asset-backed tokens. ![]() The cash transaction reporting regime is aligned with the international standards set by the Financial Action Task Force (FATF) to combat money laundering and the financing of terrorism and proliferation of weapons capable of causing mass destruction. This is to facilitate the detection, investigation and prosecution of money laundering, terrorism financing and other serious crimes. There is a requirement for regulated dealers as defined under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 ( PSPM Act) and pawnbrokers under the Pawnbrokers Act 2015 to report cash transactions. Dealing in precious stones and precious metals is thus a convenient means for criminals (including terrorists) to launder their illicit funds. Precious stones and precious metals have high commercial value and are portable.
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