Cash Transaction Reporting

Cash Transaction Reporting

Precious Stones and Precious Metals Dealers

Importance of Cash Transaction Reporting

Precious stones and precious metals have high commercial value and are portable. They are easy to convert to cash. Dealing in precious stones and precious metals is thus a convenient means for criminals (including terrorists) to launder their illicit funds.

The requirement for regulated dealers as defined under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act (“PSPM Act”) and pawnbrokers under the Pawnbrokers Act to report cash transactions will facilitate the detection, investigation and prosecution of money laundering, terrorism financing and other serious crimes.

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.

Reporting Requirement

CTR Reporting Requirement From 10 April 2019

With effect from 10 April 2019, section 17 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act (“PSPM Act”) and section 74A of the Pawnbrokers Act set out the cash transaction reporting regime for cash transactions in precious stone, precious metals, precious products and asset-backed tokens.

Regulated Dealers

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:

  1. You sell any precious stone(s), precious metal(s), precious product(s) (“PSM”) or asset-backed token(s) to a customer and receive cash or cash equivalent exceeding SGD 20,000 as payment;

  2. You conduct two or more sales of any PSM 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;

  3. You (as a secondhand goods dealer) purchase any PSM from a customer (who is not a regulated dealer) and pay cash or cash equivalent exceeding SGD 20,000;

  4. You (as a secondhand goods dealer) make two or more purchases of any PSM 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;

  5. 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

  6. 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.

Any 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 $20,000 and/or imprisonment for a term of up to two years.

For more information, please refer to ACD's website.

Pawnbrokers

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:

  1. You sell any PSM to a customer and receive cash or cash equivalent exceeding SGD 20,000 as payment; or

  2. You conduct two or more sales of any PSM 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.

 

Any pawnbroker 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 $20,000 and/or imprisonment for a term of up to two years.

CTR Reporting Requirement Before 10 April 2019

Before 10 April 2019, sections 48I, 48J and 48K of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Corruption, Drug Trafficking and Other Serious Crimes (Cash Transaction Report) Regulations applied to cash transaction reporting by precious stones and metals dealers. A CTR was to be submitted to the STRO when you entered into the following cash transactions:

  1. You sold any PSM to a customer and received cash exceeding SGD 20,000 as payment; or

  2. You conducted two or more sales of any PSM in a single day to the same customer, or to customers whom you know acted on behalf of the same person and received cash exceeding SGD 20,000 as payment.

How to File Cash Transaction Report  

You can file a cash transaction report (“CTR”) electronically (Form NP 759) or via paper form (Form NP 784).

All completed CTRs must be submitted within 15 business days (Mondays – Fridays, excluding Saturdays, Sundays and Public Holidays) from the date of the transaction.

The table below shows the Form that can be used for the different cash transaction reporting requirements:

Designated Transactions  Form Type
Transaction Type Commodity Type Form NP 759 (SONAR) Form NP 784 
Cash Sale
Precious stones, Precious metals, Precious products



Asset-backed tokens

Cash Purchase Precious stones, Precious metals, Precious products

 Cash Redemption Asset-backed tokens

 


 

 

Download CTR and Instruction Guide
Electronic Forms
(in English)
Hardcopy Forms
In English In other Languages
Forms Electronic Form NP 759
(e-file via SONAR)
 Form NP 7841
           

(Chinese)


Form Guide Guide to fill up Electronic Form NP 759 Guide to fill up Form NP 784 -

1The previous Form NP 759 for paper filing has been revised and is now known as Form NP 784. This form should be used for paper filing declared on or after 10 April 2019.

With effect from 10 April 2019, you are required to provide the Anti-Money Laundering/ Countering the Financing of Terrorism Division (ACD) or the Registry of Pawnbrokers (ROP) with a copy of the CTR that you have filed with the Suspicious Transaction Reporting Office (STRO).

When you e-file via SONAR, you agree for STRO to extend a copy of your report to the ACD. For regulated dealers, you need not separately mail your report to the ACD.

If you submit paper forms (Form NP 784), you will need to mail the original signed copy to STRO and a copy to the ACD (if you are a regulated dealer); or ROP (if you are a pawnbroker).

The addresses are:

 

Head, Suspicious Transaction Reporting Office
Commercial Affairs Department
391 New Bridge Road #06-701
Police Cantonment Complex Block D
Singapore 088762

 

For regulated dealers:

Registrar of Regulated Dealers
Anti-Money Laundering/ Countering the Financing of Terrorism Division

Ministry of Law
45 Maxwell Road #07-11
The URA Centre (East Wing)
Singapore 069118

 

For pawnbrokers:

Registrar of Pawnbrokers
Registry of Pawnbrokers

Ministry of Law
45 Maxwell Road #07-11
The URA Centre (East Wing)
Singapore 069118

 

It is an offence under section 27 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act and section 70 of the Pawnbrokers Act to provide any information that is materially false or misleading or to omit to provide any information knowing or having reason to believe that such omission will create a false or misleading impression.

 

Related Links

Casinos

Importance of Cash Transaction Reporting

Casinos are large cash-based businesses. The frequent use of cash makes casinos highly vulnerable to money laundering and terrorism financing. The requirement for casino operators to report cash transactions will therefore facilitate the detection, investigation and prosecution of money laundering, terrorism financing and other serious crimes.

The cash transaction reporting regime for casino operators 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.

Reporting Requirement

A casino is required to submit a cash transaction report (CTR) to the Suspicious Transaction Reporting Office (STRO) for:

  1. Every cash transaction with a patron involving either cash in or cash out of $10,000 or more in a single transaction; or

  2. Multiple cash transactions which the casino operator knows are entered into by or on behalf of a patron, the aggregate of which is either cash in or cash out of $10,000 or more in any gaming day.

Any casino operator which fails to comply with the above requirement shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.

How to File

Casino operators in Singapore submit casino cash transaction reports (CTRs) online to the Suspicious Transaction Reporting Office (STRO).

 

Last Updated on 10 April 2019