How Kappawise Vet Enhances KYC Checks for Precious Stones Companies

For Singaporean precious stones companies, compliance with stringent regulations is a critical necessity. The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (PSPM Act) imposes robust requirements on businesses to prevent money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction.

For companies dealing in precious stones, the challenge lies in effectively implementing these requirements while maintaining efficient operations. I-Percept’s Kappawise Vet offers a comprehensive solution tailored to meet these regulatory demands.

Understanding the PSPM Act and Its Requirements

The PSPM Act mandates that businesses involved in the dealing of precious stones must adhere to strict customer due diligence (CDD) measures. These measures include:

  • Verification of Customer Identity: Businesses must verify the identity of their customers before entering into transactions involving precious stones. This includes obtaining and verifying the customer’s name, identification number, and other relevant details.
  • Implementation of Internal Controls: Companies must establish robust internal policies and controls to detect and prevent money laundering and terrorism financing activities. This includes continuous assessment of risks associated with customers and transactions.
  • Retention of KYC Records: Businesses must maintain a record of all customer due diligence measures performed to comply with the requirements of the Act.

How Kappawise Vet Facilitates Compliance

Kappawise Vet is designed to seamlessly integrate these compliance requirements into the daily operations of precious stones companies, ensuring they meet their regulatory obligations without compromising efficiency.

  • Automated Customer Due Diligence: Kappawise Vet automates the process of customer identification and verification. By leveraging advanced technology, the platform can quickly and accurately leverage various databases to demonstrate comprehensive due diligence checks and compliance with the provisions of the PSPM Act.
  • Sophisticated Internal Controls: Kappawise Vet offers tools to develop and maintain comprehensive internal controls. The platform provides templates for internal policies and guidelines for continuous risk assessment. These features help companies establish a culture of compliance and stay ahead of regulatory changes.
  • Fully auditable CDD report: Kappawise Vet provides tamper-free date and time stamp for each step of the KYC process, satisfying all regulatory and compliance requirements.

In addition to the PSPM Act, precious stones companies in Singapore must also comply with regulations stemming from the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act and the Terrorism (Suppression of Financing) Act (TSOFA). These acts impose additional KYC-related requirements, which Kappawise Vet can help companies address.

For companies in the precious stones industry, Kappawise Vet offers a comprehensive solution to manage compliance seamlessly, allowing them to focus on their core business activities with confidence. Find out more about the product and reach out to us to schedule a demo. Read more about the PSPM Act here.

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