Singapore casinos face tougher regulations to prevent terrorism financing, money laundering
- Checks will be carried out when casinos receive a cash deposit of US$2,950 or more into a customer’s account – down from the current US$3,700
Casinos in Singapore will soon face tighter rules on conducting due diligence checks when receiving cash, as part of updated measures to counter terrorism financing.
Due diligence checks will have to be carried out when casinos receive a cash deposit of S$4,000 (US$2,950) or more into a customer’s account – down from the current threshold of S$5,000.
This is the first revision to the threshold. It would be implemented this year, although authorities did not state when exactly the new requirements would kick in.
“The adjustment is made so that Singapore casinos can better combat money laundering and terrorism financing and align our requirements with FATF standards,” the Gambling Regulatory Authority (GRA) said on Monday.
FATF, the Financial Action Task Force, is a global money laundering and terrorism financing watchdog.
In December 2023, Resorts World Sentosa was fined S$2.25 million for failing to do such checks, the biggest penalty imposed by GRA on a casino operator.