Singapore Considers Tightening Casino Rules for Customers
08 Jun 2020

Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority.

The regulator earlier asked casino operators to set a threshold for the amount of cash transactions that are subject to due diligence at S$5,000 ($3,588), a CRA spokesperson said in an emailed response to Bloomberg queries. Singapore’s current legislative thresholds at S$10,000 are higher than the global standard of $3,000 set by global anti-money-laundering watchdog Financial Action Task Force, according to the CRA.

“The Ministry of Home Affairs and CRA are reviewing the legislative thresholds in the Casino Control Act with a view to lowering these thresholds further to fully comply with the FATF Standards,” the CRA said.

The Financial Action Task Force said last year the city-state had inadequate customer due diligence requirements for entities such as casinos and real estate agents. It said “moderate shortcomings are still affecting” the two sectors, without citing any companies.

By Chanyaporn Chanjaroen, Bloomberg, 7 June 2020

Read more at Bloomberg

RiskScreen: Eliminating Financial Crime with Smart Technology

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet