A jeweler operating at People’s Park Complex in Chinatown faced charges in court on Tuesday for allegedly neglecting customer due diligence procedures, in violation of anti-money laundering regulations.
Kim Heng Jewellers and Goldsmiths purportedly committed the offense during three transactions between September and October of the previous year, involving gold sales exceeding S$313,000 (US$231,000).
According to regulations, businesses dealing in precious metals are obligated to conduct customer due diligence, particularly for transactions exceeding S$20,000, by verifying customer information through credible sources.
During the period in question, authorities received reports of phishing scams linked to Android malware, resulting in unauthorized bank transactions from victims’ compromised accounts. Investigations revealed that funds from these scams were implicated in three sales transactions between Kim Heng and an undisclosed individual, involving various gold items.
Established since 1979, Kim Heng Jewellers and Goldsmiths faces charges of failing to conduct due diligence measures despite suspicions of money laundering on three occasions in September and October 2023. The charges were brought under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019.
The jeweler is scheduled to appear in court again for further proceedings on June 10. The Ministry of Law emphasized its supervision of regulated dealers to ensure compliance with regulations and pledged continued enforcement against violators. If found guilty, the jeweler could face fines of up to S$100,000.
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