Why we ask for ID on gold and silver purchases above S$20,000

What customer due diligence means under the PSPM Act

The full name is the Precious Stones and Precious Metals (Prevention of Money Laundering) Act 2019. Most people, us included, just call it the PSPM Act. It sets out what registered dealers must do so that gold and silver are not used to move dirty money. Bullion is compact, holds a lot of value and is easy to resell, so it is no surprise the law keeps an eye on it.

Customer due diligence is the formal term for knowing who you are dealing with. A dealer identifies the customer, checks that identity against an official document and keeps a record. For cash and cash-equivalent transactions above S$20,000, the Act requires dealers to do this, file a cash transaction report and keep records.

We are registered with the Ministry of Law under the PSPM Act, registration No. PS20260001016. The number is on our About page and in the footer of our site. For the full legal detail, the Ministry of Law publishes guidance for dealers and the public.

What we take when you buy above S$20,000

For purchases above S$20,000, we take your NRIC or passport details. Singapore citizens and permanent residents usually use their NRIC. Visitors and foreign residents use a passport. Bring the actual document with you; if you are unsure whether another form of ID will do, check with us before you come.

We record the identifying details from that document, along with the transaction itself: what you bought, the amount and how you paid. Staff will also check that the document belongs to the person standing at the counter. It is a short step, not a long interview.

Buying for a company is a different matter. A dealer needs to understand who the business is and who is acting for it, so expect more questions. Message us before your visit and we will tell you what to bring, which saves a second trip down Serangoon Road.

• Bring your NRIC or passport itself
• If buying for a company, ask us first what documents we need
• Decide how you plan to pay before you arrive
• Larger orders can be arranged ahead by WhatsApp on +65 8088 4858

How your records are kept

The details we take become part of the records every registered dealer must keep under the PSPM Act. Their purpose is simple. If the authorities ever need to trace a transaction, there is a proper record to look at.

Personal data in Singapore is also covered by the Personal Data Protection Act, which sets out how businesses collect, use and protect the information customers give them. If you want to know how your details are held, ask us at the counter or on WhatsApp. We would rather you asked than wondered.

If you are paying for gold on someone else's behalf, say a wedding gift for a niece, tell us at the start. It helps us record the purchase correctly.

This applies at every registered dealer in Singapore

Every precious metals dealer registered with the Ministry of Law works under the same Act and the same S$20,000 threshold. A dealer asking for your ID on a large purchase is just doing what the law expects. You will get the same request wherever you buy.

Breaking one large purchase into several smaller ones to stay under the line is exactly the kind of pattern dealers are expected to watch for. It does not make the rules go away. If you plan to buy a large amount over a few visits, tell us upfront and the paperwork stays straightforward.

Dealers are also expected to pay attention when something about a transaction looks out of the ordinary. Most customers never notice this side of things. It simply means the person serving you is paying attention.

Smaller purchases need less

Most people who come into our shop at Centrium Square are spending well under S$20,000. A few small gold bars for a newborn's full month, some silver coins, a single 1 oz bar. For a straightforward purchase like that, the ID step above does not apply. Every piece has already been tested before it goes on sale, with PMV and XRF and a Veriscan check on PAMP bars, so you choose, pay and go.

Online orders work much the same way, though you will give us a name, phone number and address so we can reach you and arrange free self-collection or courier delivery within Singapore. Online, you pay by PayNow or bank transfer. In the shop, it is PayNow, bank transfer, cash or card, and card carries a fee.

Our prices follow the live world spot price through the day, plus a premium shown openly on every product page. On weekends, when the world market is closed, we sell at the last closing price. If your total is anywhere near S$20,000, bring your ID anyway. It weighs nothing in your wallet.

Selling gold or silver back to us

We buy gold and silver back. The final amount is set at the counter after testing, at that moment's price, so you will not know the exact total until then.

That is why we suggest bringing your NRIC or passport if you are selling a sizeable amount. To check what we will need beforehand, message us on WhatsApp or see our sell page at bullionking.sg/sell.