Precious stones and metals dealers to report cash transactions above S$20,000
Mindy Tantanmindy 08 October 2014
A cash transaction reporting regime for precious stones and metals dealers (PSMDs) will be implemented in Singapore from Oct 15.
Under the new regime, PSMDs will have to file a cash transaction report with the Suspicious Transaction Reporting Office of the Commercial Affairs Department within 15 business days when they conduct any cash transaction exceeding S$20,000, or its equivalent in foreign currency, which involves precious stones, metals or products.
They are also responsible for determining the identity of their customers, record the details of each cash transaction and keep these records for five years, and put in place internal controls to prevent the financing of terrorism and proliferation.
PSMDs that fail to comply with the new cash transaction reporting requirement will be fined up to S$20,000 and/or imprisonment for a term of up to two years.
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Precious stones and metals dealers to report cash transactions above S$20,000
Mindy Tantanmindy
08 October 2014
A cash transaction reporting regime for precious stones and metals dealers (PSMDs) will be implemented in Singapore from Oct 15.
Under the new regime, PSMDs will have to file a cash transaction report with the Suspicious Transaction Reporting Office of the Commercial Affairs Department within 15 business days when they conduct any cash transaction exceeding S$20,000, or its equivalent in foreign currency, which involves precious stones, metals or products.
They are also responsible for determining the identity of their customers, record the details of each cash transaction and keep these records for five years, and put in place internal controls to prevent the financing of terrorism and proliferation.
PSMDs that fail to comply with the new cash transaction reporting requirement will be fined up to S$20,000 and/or imprisonment for a term of up to two years.
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