As a regulated Precious Stones and Precious Metals Dealer (PSMD) in Singapore, every six month, you are required to submit semi-annual returns related to your business and transactions. The reporting is due 1 month after the reporting period as follows:
|Reporting Period||Submission Period|
|1 January to 30 June||1 July to 30 July|
|1 July to 31 December||1 January to 30 January|
(of the following year)
This quick reference provides a simple checklist for Precious Stones and Precious Metals Dealers (PSMD) on the information that you will need to prepare before you can submit the semi-annual returns.
What document do you need?
- Login to myPal website
- Information on your transactions
- Information on designated transactions
- AML/CFT Risk Assessment Form
- AML/CFT Internal Policies, Procedures and Controls Document
- Training records
Login to myPal website
If you are a regulated dealer, you need to access the myPal website to submit your semi-annual returns related to your business and transactions.
* You will need your Singpass to access the myPal website.
Information on your transactions
Depending on the reporting period, you need to have on hand the transactions that your business has performed during the six-month reporting period. These data are required when you fill in Section 3 of the submission.
If you have a point-of-sales system, or an accounting system, you can generate the invoice information that were issued over the period. Compile the invoice information (e.g. in the form of Excel Spreadsheet) so that you can extract the required information for the submission. You will need to have at least the:
- Date of Transaction
- Invoice Number
- Invoice Amount
- Products sold
- Payment modes
- Delivery mode (e.g. non face-to-face via online payment and delivery)
While you are not required to submit the invoices, you will need to have the data on hand for reference. These records should also be kept as reference data in case Ministry of Law need to verify the submission.
You will need to identify the top 5 highest value transactions (regardless of payment mode) during the period. If you are using Excel, a simple sort function on the invoice amount will allow you to quickly find these transactions.
Information on designated transactions
You are required to provide information on designated transactions (transactions with cash/ cash equivalent of >S$20,000) in Section 4 of the submission. These are transactions which you have filed Cash Transaction Reports (CTRs) and performed Customer Due Diligence (CDD). You are not required to submit the CTRs and CDD forms in the semi-annual return. You can highlight these transactions in the Excel spreadsheet you have compiled for future reference.
AML/CFT Risk Assessment Form
By now, you should have performed risk assessment on your business to assess the money laundering and terrorism financing risks faced by your business. The AML/CFT risk assessment must be documented and you will need the softcopy of the AML/CFT risk assessment form to upload in Section 5 of semi-annual return.
If you still have not documented your AML/CFT risk assessment, you can use the Risk Assessment Form found in Annex A of the Guidelines for Regulated Dealers provided by Ministry of Law.
Download the word version of the Risk Assessment Form
AML/CFT Internal Policies, Procedures and Controls (IPPC) document
After assessing your money laundering and terrorism financing risks, you should have implemented your AML/CFT Internal Policies, Procedures and Controls (IPPC). The IPPC should be documented, and you will need to softcopy of the IPPC to upload in Section 5 of semi-annual return.
If you still have not written down your AML/CFT IPPC, you can use the IPPC template found in Annex B of the Guidelines for Regulated Dealers provided by Ministry of Law. Remember to customize the template according to your business AML/CFT procedures.
Download the word version provided by Ministry of Law
For most small businesses, the template provided by Ministry of Law is sufficient.
Section 5 of the semi-annual return requires you to submit information on AML/CFT training that you or your employees have attended. If you have attended AML/CFT trainings conducted by Ministry of Law, external vendors, or internal trainings, you can use these for submission. Keep the records of the trainings (date of these trainings and the employees who have attended the trainings) for future references.
Submitting the semi-annual return
Once you have the required information on hand, you can login to the myPal portal to submit the return. It should not take you more than 45 min to complete the submission. Before you login, it is highly recommended that you preview the Step-by-Step Guide provided by Ministry of Law.
Download the Step-by-Step Guide
- Latest Updates on Hong Kong Anti-Money Laundering Regulations
- Ensuring the New Anti-Money Laundering and Terrorism Financing Compliance: A Step-by-Step Guide for Developers in Singapore
- Guide for HK DPMS: Registration Process, How to Do AML and Useful AML Tools (With Tips on Waiver of Registration Fee)