Resorts World Sentosa fined for AML breaches
The GRA identified lapses in due diligence.
Singapore.- Genting Singapore has announced that the Gambling Regulatory Authority (GRA) has issued a financial penalty of SG$2.25m (US$1.68m) against Resorts World Sentosa (RWS) for lapses in customer due diligence measures for certain transactions.
In 2020, the GRA instructed RWS and Marina Bay Sands to review the activities of certain patrons. RWS discovered non-compliance in some transactions and reported them to GRA. Further investigation by GRA revealed that between December 2016 and December 2019, RWS failed to carry out the customer due diligence checks required on deposits of S$5,000 to customer accounts.
Although RWS had a PMLTF framework and controls in place, it had systemic failures in certain controls. The GRA cancelled the casino special employee licence of one of the employees involved in the breaches and is currently investigating the culpability of others.
RWS says it promptly took corrective action to improve its processes and used an independent party to review its standard operating procedures and corporate culture.
Genting Singapore said: “We are committed to upholding high regulatory compliance standards and continue to collaborate closely with the GRA to strengthen the effectiveness of our processes, controls and training and ensure that our businesses and operations are consistently conducted in compliance with relevant laws and regulations.”
It said that the GRA’s financial penalty will have no material impact on the group’s net tangible assets and earnings per share for the financial year ending December 31, 2023.
The Gambling Regulatory Authority of Singapore (GRA) was launched in August 2022. It has the authority to issue operator licences for gambling services such as betting and lottery businesses, gaming machine rooms and gambling in private establishments.
