A Report by CYS Global Remit Legal & Compliance Office
Casinos in Singapore will soon adhere to tighter regulations concerning due diligence for cash transactions as part of enhanced measures to combat terrorism financing.
Under the updated rules, casinos must perform due diligence checks for cash deposits of S$4,000 (US$2,950) or more into a customer's account, lowering the existing threshold from S$5,000. This marks the first revision of the threshold, with implementation expected later this year, although the exact date is yet to be announced.
"The adjustment aims to bolster Singapore casinos' defences against money laundering and terrorism financing, aligning our regulations with FATF standards," stated the Gambling Regulatory Authority (GRA) on Monday, July 1.
The Financial Action Task Force (FATF) is an international organization that leads efforts to combat money laundering and terrorism financing globally.
In December 2023, Resorts World Sentosa faced a fine of S$2.25 million for failing to conduct the required checks, the largest penalty ever levied by the GRA on a casino operator.
The new due diligence threshold is part of Singapore's updated National Strategy for Countering the Financing of Terrorism. This strategy was published on Monday in conjunction with the Terrorism Financing National Risk Assessment by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS).
The report was released in conjunction with the Terrorism Financing National Risk Assessment.
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