Singapore’s two casino resorts will soon reduce the threshold for due diligence checks on cash deposits from SG$5,000 (US$3,700) to SG$4,000 (US$2,950).
Starting this year, customer due diligence (CDD) measures, which update minimums set in 2020, will be applied to “all financial transactions” at Singapore’s two land-based casinos, Marina Bay Sands and Resorts World Sentosa.
The revised thresholds comply with standards set by the global Financial Action Task Force (FATF), which grades countries on their anti-money laundering and counter-terrorism (AML/CTF) efforts, and publishes thrice-yearly black and grey lists of jurisdictions in need of improvement.
Presently occupying the black list are Iran, the Democratic People’s Republic of Korea and Myanmar. The grey list is longer, and includes Bulgaria, Kenya, Monaco, Nigeria, the Philippines, South Africa, Syria, Venezuela and Vietnam, among others that are deemed in need of improvement.
Singapore’s 2024 Money Laundering Risk Assessment Report, compiled by the Ministry of Home Affairs, Ministry of Law and Monetary Authority, acknowledges that the city-state, “an international business, financial and trading center, is exposed to the risks of transnational money laundering (ML), terrorism financing (TF) and proliferation financing (PF).
“Criminals will seek to exploit our economic openness, financial system and business infrastructure to move funds and assets,” the report continues. “Hence it is important that Singapore remain vigilant to the risks of being misused for illicit funds and asset flows.”
The report says “money remittances remain at high risk,” while “cross-border cash movements remain at medium-low risk” and “digital payment token service providers have been elevated from medium-low to medium-high risk.”
The lower threshold will “strengthen deterrence and prevent misuse of Singapore’s casinos for TF (terrorism financing) purposes,” it says. Singapore will also conduct “enhanced surveillance and supervisory activities focused on higher TF risk areas and entities,” and work with the industry through “outreach, guidance, and industry cooperation initiatives.”
According to Asia Gaming Brief, daily suspicious transaction reports (STRs) must be filed for “every cash transaction with a (casino) patron involving either cash in or cash out of SG$10,000 (US$7,400) or more in a single transaction” as well as multiple cash transactions equaling the same amount.
Failing to file STRs can lead to fines of up to SG$20,000 (US$14,800).
In its Money Laundering Risk Assessment Report for 2024, the Monetary Authority said casinos pose less of a threat for money laundering than iGaming, corporate service providers (CSPs), the real estate sector, and the banking industry.
