The casino resort has been fined for breaches of anti-money laundering regulations.<\/p>\n\n\n\n\n\n\n\n
Singapore.- The Casino Regulatory Authority (CRA)<\/strong> has announced that it has issued fines totalling SG$95,000 (US$69,400) against Resorts World Sentosa (RWS)<\/strong> for regulatory violations during the 2022\/23 reporting period. <\/p>\n\n\n\n It issued two fines \u2013 SG$20,000 and SG$75,000 \u2013 for breaches of Singapore’s Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009, specifically related to lapses in anti-money laundering measures.\u00a0The casino regulator identified a “failure to perform customer due diligence measures” and “failure to perform enhanced customer due diligence measures.”<\/p>\n\n\n\n The regulator did not provide further details about the nature of the violations. Resorts World Sentosa, operated by Genting Singapore, was fined SGD275,000 (US$191,000)<\/a>\u00a0during the 2021-22 reporting period for failure to perform customer due diligence measures and for a violation of the Casino Control (Internal Controls) Regulations 2013 through a failure to implement a system of internal controls.<\/p>\n\n\n\n The\u00a0Gambling Regulatory Authority of Singapore (GRA)<\/a>, which oversees\u00a0the entire gambling landscape<\/strong>\u00a0in Singapore,\u00a0was launched in August 2022<\/a>. 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.<\/p>\n","protected":false},"excerpt":{"rendered":" The casino resort has been fined for breaches of anti-money laundering regulations.<\/p>\n","protected":false},"author":176,"featured_media":21187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Resorts World Sentosa (RWS) has been fined SG$95,000 by Singapore's Casino Regulatory Authority (CRA) for breaches of anti-money laundering (AML) regulations during the 2022\/23 reporting period. The violations specifically cite failures in performing both standard and enhanced customer due diligence measures. This follows a previous significant fine in 2021-22 for similar compliance lapses.","focusai_entities":"Resorts World Sentosa (RWS), Genting Singapore, Casino Regulatory Authority (CRA), Gambling Regulatory Authority of Singapore (GRA)","focusai_location":"Singapore","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"AML Compliance Impact","query":"What specific enhancements to internal controls and CDD\/ECDD processes will Resorts World Sentosa implement to mitigate future AML compliance risks and avoid further regulatory penalties?"},{"label":"GRA Enforcement Trends","query":"How do these recent fines by the CRA and GRA reflect a broader trend in Singapore's regulatory enforcement posture regarding AML\/CTF compliance within the integrated resort sector?"}],"footnotes":""},"categories":[28,16333],"tags":[23687,21162],"class_list":["post-777009646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-south-east-asia-news","tag-genting-singapore","tag-resorts-world-sentosa"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777009646"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009646\/revisions"}],"predecessor-version":[{"id":777041250,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009646\/revisions\/777041250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21187"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777009646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777009646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777009646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}