New Cash Transactions Requirements

Dear Clients, please be informed that there is a new requirement regarding cash transactions by the Singapore Government with effect from 15th October 2014.

Under the amended Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the Precious Stones and Metals Dealers (PSMDs) are required to submit a Cash Transaction Report (CTR) to the Suspicious Transaction Reporting Office (STRO) when conducting any cash transaction with a value, or any 2 or more related cash transactions in a single day with a total value, that exceeds SGD 20,000 (or its equivalent in foreign currency), with a customer for the sale of any precious stone, precious metal or precious product. This requirement is part of Singapore’s overall effort to combat money laundering and terrorism financing.

Please click here to access the Brochure for PSMDs.