{"id":777011789,"date":"2023-12-11T10:00:19","date_gmt":"2023-12-11T13:00:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777011789"},"modified":"2026-04-22T14:50:05","modified_gmt":"2026-04-22T17:50:05","slug":"resorts-world-sentosa-fined-for-aml-breaches","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/resorts-world-sentosa-fined-for-aml-breaches","title":{"rendered":"Resorts World Sentosa fined for AML breaches"},"content":{"rendered":"\n

The GRA identified lapses in due diligence.<\/p>\n\n\n\n\n\n\n\n

Singapore.-\u00a0Genting Singapore\u00a0has announced that the\u00a0Gambling Regulatory Authority (GRA)<\/strong>\u00a0has issued a financial penalty of SG$2.25m (US$1.68m) against\u00a0Resorts World Sentosa (RWS)<\/strong>\u00a0for lapses in customer due diligence measures for certain transactions. <\/p>\n\n\n\n

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.\u00a0Further 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.<\/p>\n\n\n\n

Although RWS had a PMLTF framework and controls in place, it had systemic failures in certain controls. The GRA\u00a0cancelled the casino special employee licence of one of the employees involved in the breaches\u00a0and is currently investigating the culpability of others.\u00a0<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Genting Singapore said: “We are committed to upholding\u00a0high regulatory compliance standards<\/strong>\u00a0and 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.”<\/p>\n\n\n\n

It said that the GRA’s financial penalty will have no material impact on the group’s net tangible assets\u00a0and earnings per share for the financial year ending December 31, 2023. <\/p>\n\n\n\n

The\u00a0Gambling Regulatory Authority of Singapore (GRA) was 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 GRA identified lapses in due diligence.<\/p>\n","protected":false},"author":176,"featured_media":20154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Singapore's Resorts World Sentosa (RWS) has been issued a SG$2.25m (US$1.68m) financial penalty by Singapore's Gambling Regulatory Authority (GRA) for systemic lapses in customer due diligence (CDD) measures related to S$5,000 deposits between December 2016 and December 2019. The penalty follows RWS's self-reporting after a 2020 GRA directive, with one employee's special casino license cancelled and further investigations ongoing. Genting Singapore asserts the fine will not materially impact its financial performance for the current fiscal year.","focusai_entities":"Genting Singapore, Resorts World Sentosa (RWS), Gambling Regulatory Authority (GRA), Marina Bay Sands","focusai_location":"Singapore","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"GRA's Enforcement Scope?","query":"What specific enhancements to its PMLTF framework and internal controls has Resorts World Sentosa implemented to address the systemic failures identified by the GRA, and how will their effectiveness be independently verified?"},{"label":"Impact on Licensing?","query":"Beyond the financial penalty, what are the potential long-term implications of these compliance breaches for Genting Singapore's B2C licensing status and future expansion opportunities within regulated markets?"}],"footnotes":""},"categories":[154,158,16333],"tags":[23911,24413],"class_list":["post-777011789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-news","category-slider-home","category-south-east-asia-news","tag-gambling-regulation","tag-gambling-regulatory-authority"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011789","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=777011789"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011789\/revisions"}],"predecessor-version":[{"id":777011806,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011789\/revisions\/777011806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20154"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}