Application for Category A registration is simple and straightforward. An applicant holding a valid business registration certificate or hawker’s licence can file an application accompanied with details on all business premises, a correspondence address and a declaration that the applicant’s precious metals and stones business is carried out for a lawful purpose. The Category A registration would remain valid as long as the registrant continues to stay in business and pay the annual fee.
Application for Category B registration, like other designated non-financial businesses and professions (“DNFBPs”) regulated under the AMLO, is subject to the meeting of a fit-and-proper test by the applicant. Besides, the applicant is required to demonstrate its capability in fulfilling the AML/CTF requirements stipulated in Schedule 2 of the AMLO (Cap. 615) and the “Guideline on AML/CTF for Category B Registrants dealing in precious metals and stones”, in addition to the holding of a valid business registration certificate or hawker’s licence and provision of all business premises addresses and a correspondence address. The Category B registration would normally be valid for three years and renewal application must be submitted at least 60 days before the registration is due to expire.