Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 129

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 129
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 the minimum monthly
salary requirement for “S Pass” applicants will be S$3,150, with a higher minimum qualifying salary requirement of S$3,650
for “S Pass” applicants in the financial services sector. In relation to the employment of foreign professionals, managers
and executives earning a monthly fixed salary of at least S$5,000 (or S$5,500 for “Employment Pass” applicants in the financial
services sector), employers must ensure that such persons apply for an “Employment Pass”. From 1 September 2023, in addition
to meeting the minimum qualifying salary, “Employment Pass” applicants must also pass a points-based Complementarity Assessment
Framework (“COMPASS”), with certain exceptions.

Regulations on Anti-money Laundering and Counter-Terrorist Financing

The primary anti-money laundering and counter-terrorist
financing legislation in Singapore that are of general application are the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation
of Benefits) Act 1992 of Singapore (the “CDSA”) and Terrorism (Suppression of Financing) Act 2002 of Singapore
(the “TSOFA”). The CDSA provides for the confiscation of benefits derived from, and to combat, corruption, drug
dealing and other serious crimes. Generally, the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as
well as the knowing assistance of the concealment, transfer or retention of such benefits. The CDSA permits the confiscation of benefits
derived from, and to combat, corruption, drug dealing and other serious crimes. The TSOFA criminalizes terrorism financing and prohibits
any person in Singapore from dealing with or providing services to a terrorist entity, including those designated pursuant to the TSOFA.
The CDSA and the TSOFA also require suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office, Singapore’s
Financial Intelligence Unit within the Criminal Affairs Division of the Singapore Police Force. If any person fails to lodge the requisite
reports under the CDSA and the TSOFA, it may be subject to criminal liability. In addition, the TSOFA has extraterritorial reach, and
any person outside Singapore who commits an act or omission that would constitute an offense under the TSOFA if committed in Singapore
may be proceeded against, charged, tried and punished accordingly in Singapore.

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Regulations on Data Protection

The
Personal Data Protection Act