Singapore Cancels Precious Metals Dealer Registration on Public-Interest Grounds
Singapore’s Registrar of Regulated Dealers has cancelled the registration of Singapore Precious Metals Exchange Pte. Ltd. under the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 (PSPM Act).
The Ministry of Law’s Anti-Money Laundering / Countering the Financing of Terrorism Division lists the cancellation as taking effect on 11 September 2026. The official reason given is section 10(1)(f) of the PSPM Act: it is not in the public interest for the registered dealer to continue carrying on the business of regulated dealing or business as an intermediary in Singapore.
What the official notice says
Singapore Precious Metals Exchange Pte. Ltd., UEN 201020848N, had registration number PS20190000460. The updated register does not state a more specific factual basis for the public-interest finding and does not identify a particular customer due diligence, reporting or other AML/CFT/CPF breach.
The action should therefore not be described as a criminal conviction, a finding of money laundering, or a disclosed breach of a specific AML obligation. The public record presently establishes the regulatory cancellation and the statutory public-interest ground only.
AML/CFT significance
Regulated dealers in precious stones and precious metals fall within Singapore’s AML/CFT/CPF supervisory framework because these assets can be portable, high-value and readily transferable. Registered dealers are subject to requirements that include customer due diligence, record-keeping and relevant transaction reporting obligations.
The cancellation is notable because section 10(1)(f) allows the Registrar to remove a dealer where continued regulated dealing is considered contrary to the public interest. For compliance teams in the sector, it is a reminder that maintaining registration is not limited to completing an initial licensing process; firms remain subject to ongoing supervisory and fit-and-proper expectations under the PSPM regime.
