A Precious Stones and Precious Metals Regulated Dealer (“PSMD”) will be charged in court on 7 May 2024 for failing to perform the prescribed customer due diligence (“CDD”) measures where the PSMD has reason to suspect money laundering on three occasions between September and October 2023.
Between September and October 2023, the Police received reports of phishing scams involving malware installed on victims’ Android phones and there were unauthorised bank transactions made from victims’ compromised accounts. Further investigations revealed that the monies were linked to three sale transactions between the PSMD and an unidentified person of gold jewellery items and a gold bar amounting to more than $313,000. The PSMD allegedly failed to perform prescribed CDD measures when there was reason to suspect money laundering.
The PSMD will be charged in court on 7 May 2024 with failure to perform the prescribed CDD measures under Section 16(1) of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019, punishable under Section 16(6) of the Act. The offence carries a fine of up to $100,000.
The Police takes a serious view against persons who allow themselves or their businesses to facilitate fraud, scams, or money laundering. Perpetrators will be dealt with in accordance with the law.
The Ministry of Law (“MinLaw”) reminds PSMDs of the anti-money laundering controls under the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019, which include the requirement to perform the prescribed CDD measures. MinLaw conducts supervisory inspections of PSMDs to ensure compliance with the requirements under the Act, and will continue to take action against PSMDs found to have breached the requirements.
SINGAPORE POLICE FORCE
MINISTRY OF LAW
06 May 2024 @ 3:00 PM