A person with a smartphone takes a photograph of the Marina Bay Sands hotel and casino, right, and other buildings at dawn in the central business district in Singapore, on Feb 10, 2020. (PHOTO / BLOOMBERG)
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 halved the legislative threshold for the amount of cash transactions at casinos that are subject regulatory review to S$5,000 (US$3,588), a CRA spokesperson said in an emailed response to Bloomberg queries. That’s still higher than the global standard of US$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 Casino Regulatory Authority
“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 reported in November that 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.
Last year, the Singapore government agreed to extend licenses to operate casinos held by Genting Singapore Ltd. and Las Vegas Sands Corp to 2030, in exchange for pledges to invest a combined S$9 billion in tourism projects.
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HONG KONG NEWS