Singapore tightens controls on cash deposits at casinos

07/02/24

The changes will lower the cash deposit threshold for mandatory checks.

Singapore.- The Gambling Regulatory Authority (GRA) has announced that it will implement stricter due diligence requirements for casinos to enhance measures against terrorism financing (TF). The changes will lower the cash deposit threshold for mandatory checks from SG$5,000 (US$3,700) to SG$D4,000 (US$2,950).

This adjustment is part of Singapore’s updated National Strategy for Countering the Financing of Terrorism released by the Ministry of Home Affairs, the Ministry of Finance, and the Monetary Authority of Singapore. The GRA said the measure is intended to align with standards set by the Financial Action Task Force (FATF), which held a plenary and working group meetings in Singapore last week.

The document states: “Terrorist actors may exploit Singapore’s economic openness as an international financial, business, and transport hub for TF purposes. There is therefore a need for constant vigilance. Furthermore, as the global terrorism landscape evolves, Singapore’s TF risks will evolve too, hence this refreshed assessment and strategy.”

A Money Laundering National Risk Assessment report issued in June by the Singapore government had already stated that the two casinos in the country faced a “moderately high” threat of money laundering The report noted that the funds of foreign customers at Resorts World Sentosa and Marina Bay Sands, typically originate from abroad, increasing the complexity in verifying their legitimacy.

The Financial Intelligence Unit observed that most suspicious transaction reports (STRs) filed by casinos were not related to potential money laundering but to suspected violations of the Casino Control Act or adverse news about casino patrons.

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GAMBLING REGULATION