SINGAPORE: For the first time, a jeweler was fined S$35,000 (US$26,000) for neglecting to conduct the due diligence on customers that is necessary to prevent money laundering.
On Tuesday, November 19, Kim Heng Jewellers and Goldsmiths acknowledged that, despite having grounds to suspect money laundering, they had sold gold items valued at over S$313,000 without conducting the required due diligence.
Of this amount, over S$140,000 was obtained from money stolen from two victims of malware scams.
Kim Heng entered a guilty plea to a single charge of neglecting to conduct due diligence for the customer. For sentencing, two more charges of a similar nature were taken into account. Section 16 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act has never been prosecuted.
The Act was passed in 2019 to implement sector-specific supervisory and regulatory measures in accordance with Singapore’s larger anti-money laundering and counter-terrorism financing framework.
Also Read:
Vietnam’s Quarterly Export and Investment Growth Reaches a Two-year High
