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Singapore considers tightening casino rules for customers

Jun 08, 2020 | 🚀 Fathership
SINGAPORE - 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, 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 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.

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.