GSC’s Commitment to Regulatory Standards

 

A recently reported fraud news in Singapore involving physical Gold bars unfortunately showcased the often used asset of choice by fraudsters, fake con artists and money launderers. This plagues the industry from time to time and gives a bad name to precious metals investing for serious investors and trusted dealers.

 

The Financial Action Task Force (FATF), is an inter-governmental body that sets international standards aimed to prevent money laundering and terrorism financing (ML/TF). Similar to other important financial centers globally, Singapore is a member of FATF and has taken action to tighten regulations and reduce the harm caused by these illegal activities to society.

 

For the precious metals sector, Singapore had passed the Precious Stones and Precious Metals Act (PSPM Act) in April 2019 that introduced an anti-money laundering and countering of terrorism financing regime to strengthen Singapore’s overall efforts to counter money laundering and terrorism financing.

 

GoldSilver Central Pte Ltd (GSC), as a regulated and trusted dealer in Singapore registered under the PSPM Act, complies with and performs the required customer due diligence (CDD) and enhanced customer due diligence (ECDD) processes.

 

Regulated dealers under the PSPM Act are prohibited from performing any transaction if the required CDD process is not completed or fulfilled. And for cash transactions, regulated dealers are further required for compliance reporting for amounts above $20,000 to the related regulatory bodies.

 

All regulated dealers have also been advised to display prominently the Ministry of Law’s Notice for Customers (as shown below).

The World Gold Council (WGC) is the market development organisation for the Gold industry. The WGC recently produced the Retail Gold Investment Principles (RGIP) which provides high level, best practice guidance for providers of retail Gold products. GoldSilver Central, which is also a corporate member of the Singapore Bullion Market Association (SBMA), supports and adheres to the guidelines found in WGC’s RGIP.

You may learn more about the RGIPs here.

As a regulated and responsible dealer in our industry, we want to always support and help build trust in our precious metals community for a safe and responsible trading environment for our clients and business partners.

GSC Compliance Team