ID and Cash Limits for Buying Gold in Singapore
In Singapore, a registered dealer must identify you (customer due diligence) before any deal where it receives or pays more than S$20,000 in cash or cash equivalent, and must file a cash transaction report with the Suspicious Transaction Reporting Office within 15 business days. There is no legal cap on paying cash, and the threshold applies whether you are buying or selling.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying | Dealer must do customer due diligence before a sale where it receives over S$20,000 in cash or cash equivalent. | Several purchases by you on the same day, at any branch, are added together. |
| Paying cash | No legal cap. | Payment in gold bars (not jewellery) or digital payment tokens also counts towards the S$20,000. A jewellery trade-in doesn't: only the cash part counts. |
| Selling | Same rule when the dealer pays you over S$20,000 in cash, including for second-hand gold. | Paid by bank transfer, the PSPM cash rules don't apply. |
| Reported | Cash transaction report for each customer whose cash total in a day exceeds S$20,000, within 15 business days. | Suspicious transactions are reported separately at any amount. |
The rules in detail
- The rules come from the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 (PSPM Act). Dealers must register with the Ministry of Law's AML/CFT Division.
- A designated transaction is a sale where the dealer receives more than S$20,000 in cash, cash equivalent, gold (other than jewellery) or digital payment tokens, or a purchase from a non-dealer customer where the dealer pays more than S$20,000 in cash.
- Two or more deals with the same customer on the same day are added together. The Ministry's example: S$15,000 at one branch and S$15,000 at another on the same day means one report.
- Before a designated transaction the dealer must carry out customer due diligence. If it can't, it must not go ahead and should consider a suspicious transaction report.
- The cash transaction report is filed through SONAR within 15 business days; since 1 May 2024 filing an incomplete or inaccurate report without good reason is an offence.
- Paying by card or bank transfer doesn't make a deal a designated transaction.
When you sell
- A dealer buying your gold for more than S$20,000 in cash in a day must identify you and file a report.
- The PSPM Act sets no withholding tax and no tax report when you sell.
Silver and recent changes
- Silver, platinum and other precious metals fall under the same Act and the same S$20,000 rule.
- From 1 May 2024 the Act also covers products priced above S$20,000 whatever their metal content. The Ministry's guidelines were last updated in May 2026, with no change to the threshold.
Gold ID and Cash Limits in Singapore: FAQ
Do I need ID to buy gold in Singapore?
Only for deals where the dealer receives more than S$20,000 in cash or cash equivalent in a day. Then it must carry out customer due diligence before completing the sale.
Is there a cash limit for buying gold in Singapore?
No. You can pay any amount in cash, but cash over S$20,000 in a day means ID checks and a cash transaction report to the authorities.
Does a jewellery trade-in count towards S$20,000?
No. The Ministry of Law says only the cash part counts. A S$25,000 sale with a S$13,000 trade-in and S$12,000 in cash needs no report.
Sources (5)
General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.