Singapore’s Ministry of Law (MinLaw) cancelled the gold dealer registration of Singapore Precious Metals Exchange Pte. Ltd. (SPME) on 11 September 2026, and three days later suspended five companies trading as Puregold.sg and Goldpay.sg for up to six months. Both actions were taken under the law that makes precious metals dealers check their customers and report large cash deals.
MinLaw cited serious weaknesses in anti-money laundering controls in both cases. Neither notice said customers had lost money. Here is what happened and what it means if you buy or store gold.
What MinLaw Announced in September 2026
| Date | Company | Action | Reason given |
|---|---|---|---|
| 11 Sep 2026 | Singapore Precious Metals Exchange Pte. Ltd. (SPME) | Registration cancelled | Serious breaches of AML/CFT/CPF requirements, including weak risk assessment, customer due diligence and ongoing monitoring |
| 14 Sep 2026 | Puregold.Sg Pte. Ltd., Puregold.Sg International Mint Pte. Ltd., Puregold Singapore Pte. Ltd., Puregold.Sg Mint Pte. Ltd., Goldpay.Sg Pte. Ltd. | Registrations suspended for up to six months | Serious compliance deficiencies in AML/CFT/CPF systems and controls |
AML/CFT/CPF stands for anti-money laundering, countering the financing of terrorism and countering proliferation financing.
In the SPME notice, MinLaw said it was not in the public interest for SPME to continue operating in Singapore. From 11 September, SPME may not carry on any business of regulated dealing or act as an intermediary for it.
In the suspension notice, MinLaw also raised concerns about how the five companies managed risks from “certain business arrangements and activities”.
The short version: registration means a dealer is allowed to trade, not that your gold is safe with it. Check that a gold dealer is on MinLaw’s list before you pay, and know where your metal is held.
What Gold Dealer Registration in Singapore Means
The Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019, known as the PSPM Act, requires anyone in the business of buying and selling precious metals, stones or products to register with MinLaw. Pawnbrokers and businesses regulated by MAS, such as banks, are exempt.
Registered dealers must check who their customers are. For cash or cash-equivalent deals above S$20,000, they must complete customer due diligence before the sale and file a Cash Transaction Report within 15 business days, according to MinLaw’s transaction rules. If they cannot complete the checks, they must not go ahead.
That is why a dealer may ask for your NRIC or passport on a large purchase. It is a legal requirement, not a sign of a problem.
Registration is about money laundering controls. It does not mean MinLaw vouches for a dealer’s prices, its storage or its finances.
If You Have Gold Stored With These Companies
MinLaw’s advice differed slightly for each case:
- SPME: customers with vaulting or custody arrangements should contact SPME directly. The cancellation does not affect anyone’s right to enforce a claim against SPME.
- Puregold.sg and Goldpay.sg: the suspension does not affect customers’ legal rights, and does not stop the companies fulfilling existing obligations. Customers were encouraged to contact the companies about orders or arrangements.
Both notices said customers may seek independent legal or professional advice. Keep your invoices, storage statements and any bar serial numbers together. Our guide to storing gold safely in Singapore explains the difference between allocated and unallocated storage, which matters most when a company runs into trouble.
How to Check a Gold Dealer
MinLaw’s AML/CFT Division publishes the list of registered dealers as a downloadable PDF, along with a list of suspended and cancelled registrations. Search it for the company’s full legal name, not its shop or website name.
Then look further. Our checklist for choosing a gold dealer covers buy-back terms, storage and payment, and where to buy gold in Singapore compares the main routes. Our guide to how to buy gold in Singapore covers bars, ETFs and bank accounts, and the gold premium calculator shows what a dealer’s quote costs you above the spot price. Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest.
What To Do Next
- Recent gold news: MAS’s new gold vault for central banks.
- Check any dealer you use against MinLaw’s list of registered dealers and its list of suspended and cancelled registrations.
- If you hold gold in storage, ask in writing whether it is allocated to you, and keep the records.
- Read our guide to gold scams and fake gold for warning signs that have nothing to do with registration.
- Do your own due diligence before you buy, store or sell gold with anyone.
