Precious Metals KYC Compliance Singapore

Precious metals KYC compliance in Singapore means verifying customers and their beneficial owners before dealing in bullion, and keeping records that show the checks were done. Strong KYC protects your business from unwitting involvement in crime and gives banks and vaults the confidence to work with you.

What KYC covers

KYC starts with identifying the customer and confirming the identity with reliable, independent documents. It then looks at the purpose of the relationship, the expected pattern of transactions and any link to politically exposed persons or sanctioned parties.

Beneficial ownership

For companies and trusts, identify the individuals who ultimately own or control the entity. Record their names, roles and the percentage of ownership or control. Where a structure is hard to understand, ask for an explanation in writing before proceeding.

Risk rating

Rate each customer as lower, standard or higher risk, based on factors such as country, occupation, transaction size and the source of funds. Apply enhanced due diligence to higher-risk customers, and review ratings when circumstances change.

Screening

• Screen customers against relevant sanctions and watchlists at onboarding.
• Re-screen regularly, since lists are updated.
• Document each match and how it was resolved.

Records and retention

Keep copies of identification, the risk assessment, screening results and transaction records for the period the rules require. Good records make audits faster and help you demonstrate that your controls work in practice.

Next steps