The 2026 AML Code of Practice, in plain English — for jewellers

By the Guild of Jewellery Professionals and Artisans · updated 2 November 2026 · 8-minute read

On 2 April 2026, Singapore's Registrar of Regulated Dealers issued a binding Code of Practice aimed squarely at jewellery and watch retailers. It came after scam-related money laundering surfaced in the trade — bulk-cash purchases in the Chinatown Complex / People's Park cluster — and it changed the daily reality of every counter in the country. Breaching the Code is an offence, not a suggestion.

This guide explains the whole regime in the order a working jeweller meets it: registration, the six standing obligations, the S$20,000 rules, the 2026 red flags, and the staff-training duty that decides what happens when an inspector walks in. No legalese; every rule cited is in force under the Payment Services (Precious Metals and Precious Stones) framework administered by the Ministry of Law's AML/CFT Division (ACD).

1. Are you a "regulated dealer"? (Probably yes)

If your business manufactures, imports, exports, supplies or deals in precious stones, precious metals or PSPM products — including retail jewellery — you must register with the Registrar of Regulated Dealers before dealing, and renew annually. It is an offence to hold out as a dealer without registration.

Pawnbrokers sit under their own regime; MAS-regulated institutions are exempt but for cash-transaction reporting.

2. The six obligations — the short version

1. Risk assessment & IPPC — assess your money-laundering risk and keep internal policies, procedures and controls covering CDD, screening, STRs and records.
2. Customer due diligence — identify and verify customers for cash transactions of S$20,000 and above; enhanced checks for higher risk.
3. Name screening — screen against sanctions and other lists.
4. Cash transaction reports — cash transactions of S$20,000 or more are reported.
5. Records — keep CDD and transaction records for at least 5 years.
6. Suspicious transaction reports — file STRs to the Suspicious Transaction Reporting Office when anything smells wrong. Tipping off the customer is itself an offence.

3. The 2026 Code — the scam-money wave at your counter

The Code's red flags are now every counter's daily reality. If a sale matches one, the obligation is to slow down, escalate, and where required — file:

4. The staff-training duty — the part inspectors actually check

The regime does not stop at paperwork: dealers must ensure employees have adequate AML knowledge, run ongoing training programmes, and assess understanding — and the compliance officer answers for it. MinLaw's free Compliance Toolkit and e-learning tell you what to cover.

What has been missing is a jewellery-branded, counter-level, certifiable pathway for the people — which is exactly what the Guild builds. Every module of the GJPA AML Passport is mapped line-by-line to the ACD Compliance Toolkit, the Regulated Dealer's Guide and the 2026 Code of Practice; completion is registered and verifiable on the public register.

5. Around AML: the rest of the wardrobe

Compliance does not end with money-laundering. Under fair trading, the CaseTrust Jewellery Eight Fair Trade Guidelines require accurate karat and hallmark claims, lab-grown and treatment disclosure, and honest pricing — firm accreditation belongs to CaseTrust; the Guild certifies the people who must deliver it at the counter. Personal-data duties (PDPA) and do-not-call rules apply to every customer list a jeweller keeps. The Guild's free PDPA Jeweller's Checklist covers those five obligations as a one-page tick-list.

Frequently asked questions