SINGAPORE: A jeweller was charged in court on Tuesday (May 7) for failing to perform customer due diligence as part of anti-money laundering measures.
Kim Heng Jewellers and Goldsmiths, located at People's Park Complex, allegedly committed the offence on three occasions between September and October last year, when it handled gold transactions worth more than S$313,000 (US$231,000).
Under the law, dealers in precious stones and precious metals are required to conduct customer due diligence under several circumstances, including instances where transactions involving payment in gold exceed S$20,000.
The process of checks includes verifying customers' information through independent and credible sources.
During the period of the supposed offences by Kim Heng Jewellers and Goldsmiths, the police received reports of phishing scams involving Android malware, the Ministry of Law and the Singapore Police Force (SPF) said in a media release.
Unauthorised bank transactions were made from the scam victims’ compromised accounts.
The authorities said investigations found that the money from scam victims was used in three sale transactions between Kim Heng and an unidentified person.
The transactions, involving several gold chains, a gold pendant and a gold bar, amounted to more than S$313,000.
Kim Heng, registered since 1979, is accused of failing to perform customer due diligence measures on or about Sep 15, Sep 16 and Oct 2, 2023, even though it had reason to suspect money laundering was involved.
It was handed three charges under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019.
The jeweller will return to court for a further mention of its case on Jun 10.
The Law Ministry said it conducts supervisory inspections of regulated dealers to ensure compliance with the requirements, adding that it will continue to take action against those who breach the rules.
If convicted, a regulated dealer who fails to comply with regulations can be fined up to S$100,000.
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Kim Heng Jewellers and Goldsmiths, located at People's Park Complex, allegedly committed the offence on three occasions between September and October last year, when it handled gold transactions worth more than S$313,000 (US$231,000).
Under the law, dealers in precious stones and precious metals are required to conduct customer due diligence under several circumstances, including instances where transactions involving payment in gold exceed S$20,000.
The process of checks includes verifying customers' information through independent and credible sources.
During the period of the supposed offences by Kim Heng Jewellers and Goldsmiths, the police received reports of phishing scams involving Android malware, the Ministry of Law and the Singapore Police Force (SPF) said in a media release.
Unauthorised bank transactions were made from the scam victims’ compromised accounts.
The authorities said investigations found that the money from scam victims was used in three sale transactions between Kim Heng and an unidentified person.
The transactions, involving several gold chains, a gold pendant and a gold bar, amounted to more than S$313,000.
Kim Heng, registered since 1979, is accused of failing to perform customer due diligence measures on or about Sep 15, Sep 16 and Oct 2, 2023, even though it had reason to suspect money laundering was involved.
It was handed three charges under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019.
The jeweller will return to court for a further mention of its case on Jun 10.
The Law Ministry said it conducts supervisory inspections of regulated dealers to ensure compliance with the requirements, adding that it will continue to take action against those who breach the rules.
If convicted, a regulated dealer who fails to comply with regulations can be fined up to S$100,000.
Continue reading...