A jeweler was charged in Singapore on Tuesday ( May 7 ) with failing to carry out due diligence as part of anti-money laundering laws.
Kim Heng Jewellers and Goldsmiths, located at People’s Park Complex,  , allegedly committed the offence on three occasions between September and October last year, when it handled gold transactions worth more than S$ 313, 000 ( US$ 231, 000 ).
Under the law,  , traffickers in precious gems and precious metals are required to , carry buyer due diligence under many circumstances, including situations where dealings involving , settlement in golden exceed S$ 20, 000.
The process of inspections includes investigating customers ‘ information through , separate and reputable sources.
According to a media release from the Ministry of Law and the Singapore Police Force ( SPF), the police received reports of phishing scams involving Android malware during the alleged offences by , Kim Heng Jewellers and Goldsmiths.
Unauthorized bank transfers were made using the damaged accounts of the scam victims.  ,
According to the authorities, investigations revealed that Kim Heng and an unidentified man used the funds from scam victims in three sales.
The trades, involving many gold chains, a silver pendant and a golden table, amounted to more than , S$ 313, 000.
Kim Heng, who has been a registered since 1979, is accused of failing to carry out due diligence on the days of Sep 15, Sep 16, and Oct. 2, 2023 despite having a legitimate suspicion of wealth fraud.  ,
Under the 2019 Precious Stones and Precious Metals ( Prevention of Money Laundering and Terrorism Financing ) Act, it was charged with three counts.  ,
On June 10, the goldsmith may go back to court to make a more comment about its case.  ,
The Law Ministry stated that it regularly checks controlled dealers for compliance with the regulations and will continue to take legal action against those who break the rules.
If convicted, a restricted trader who fails to comply with regulations may be fined up to S$ 100, 000.  ,