The regulator aims to tighten the due diligence process for customers to take a tougher line on money laundering and the financing of terrorism.
Singapore.- The Casino Regulatory Authority (CRA) has confirmed it is looking at the possibility of introducing stricter controls for casinos.
The measures would aim to tighten the due diligence process for customers to prevent money laundering and the financing of terrorism, Bloomberg has reported.
The regulator has already halved the threshold for casino cash transactions that are subject to regulatory review to S$5,000 (US$3,588), although that level is still higher than the standard US$3,000 set by the anti-money-laundering watchdog Financial Action Task Force (FATF).
The CRA told Bloomberg: “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.”
Last year, the Singapore government agreed to extend casino licences held by Genting Singapore and Las Vegas Sands until 2030 in exchange for promises to invest a joint S$9 billion in tourism projects.
But Singapore’s casinos have come under fire after the US Department of Justice began an investigation last May, accusing Marina Bay Sands of having breached anti-money laundering regulations.