A Report by CYS Global Remit Legal & Compliance Office
Singapore's premier casino operator, Resorts World Sentosa (RWS), has been hit with a hefty SGD 2.25 million fine following serious compliance breaches between 2016 and 2019. The Gambling Regulatory Authority (GRA) imposed the penalty after discovering the casino had failed to perform essential due diligence on substantial cash transactions.
The investigation revealed RWS had neglected to scrutinize third-party deposits exceeding SGD 5,000 into patron accounts—a fundamental requirement under Singapore's Prevention of Money Laundering and Terrorism Financing (PMLTF) framework. This oversight exposed critical gaps in the casino's anti-money laundering and counter-terrorism financing (AML/CTF) protocols.
Despite maintaining an established compliance framework, RWS's systematic failures included:
Inadequate documentation of third-party identities
Failure to independently verify transaction participants
Substandard monitoring of high-value cash deposits
In response to these revelations, RWS has implemented sweeping reforms, including:
Appointing an independent auditor to review processes
Overhauling standard operating procedures
Conducting a root-and-branch review of corporate governance
The GRA's enforcement extended beyond financial penalties, with one special employee license revoked. Authorities continue to investigate other staff members' involvement, whilst warning industry operators of severe consequences for regulatory breaches.
This case serves as a stark reminder to gaming establishments worldwide: robust compliance isn't merely a regulatory box-ticking exercise—it's essential to maintaining market integrity and preventing financial crime.
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