In an effort to combat money laundering associated with terrorism and weapons financing, a law has been introduced in the Singaporean parliament mandating that casinos undertake expanded customer due diligence procedures.
Malaysia Singapore
An amendment to the present Casino Control Act is included in the Anti-Money Laundering (AML) and Other Matters Bill, which mandates that casino operators conduct improved customer due diligence (CDD) checks.
The unlawful creation and delivery of weapons of mass destruction, known as proliferation funding (PF), and terrorism financing (TF) can be better detected and prevented with these.
Under the proposed regulations, Singaporean casino operators will be compelled to use CDD checks whenever their customers make deposits or cash transactions totalling S$4,000 or more.
Casino operators are currently subject to CDD checks whenever they receive S$5,000 or more in a single transaction or when they make a single transaction totalling S$10,000 (£5,800/€6,850/$7,398) or more.
In a statement dated 2 July, the Singaporean ministry of home affairs said that casino operators would henceforth be required to take PF risks into account when completing CDD checks in order to conform to FATF standards. A new set of rules mandating the detection and prevention of PF by casino operators will be issued by Singapore's Gambling Regulatory Authority (GRA).
To combat the laundering of illicit funds and the financing of terrorism, the Financial Action Task Force (FATF) keeps tabs on the world.
By empowering its law enforcement agencies (LEAs) and enhancing AML-related procedures, the government aims to make its laws more effective in combating the "evolving crime landscape."
The law is the result of three days of negotiations held in Singapore by the Financial Action Task Force (FATF). Despite the fact that the sovereign country is not currently included on either the black or grey lists, which would require action or intensified monitoring, the FATF has nevertheless draughted the measure.
On Tuesday, July 2nd, the measure was introduced for the first reading in the parliament of Singapore.
For violating anti-money-laundering regulations, Resorts World Sentosa was fined S$2.3 million in December.
According to the GRA, Resorts World Sentosa broke multiple regulations of Singapore by failing to conduct the necessary inspections. Act No. 6 of 2006 Concerning Casino Control and Regulation No. 9 of 2009 Concerning Casino Control (Prevention of Money Laundering and Terrorist Financing) are among these.
