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Malaysia Singapore
Included in the Anti-Money Laundering (AML) and Other Matters Bill is an addition to the present Casino Control Act that mandates greater customer due diligence (CDD) checks for casino operators.
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.
As a result of the new regulations, CDD checks will be necessary for any cash transactions or deposits made by Singaporean casino operators that exceed S$4,000.
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.
The Singaporean government issued a statement on July 2 stating that in order to comply with FATF regulations, casino operators will now have to take PF risks into account when performing CDD inspections. Regulations mandating the detection or prevention of PF will be issued by the Singaporean Gambling Regulatory Authority (GRA).
In order to prevent the laundering of funds or the financing of terrorism, the Financial Action Task Force (FATF) keeps tabs on the world across.
The government stated its goal of making its laws more effective in the face of the "evolving crime landscape" by enhancing AML processes and providing additional authority to law enforcement agencies (LEAs).
Despite the fact that the sovereign nation is not now listed on the Financial Action Task Force's black or grey lists—which would require action or enhanced monitoring—the bill follows three days of debate by the FATF in Singapore.
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. Among these, you may find the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009 and the Casino Control Act 2006, both of which address casinos.
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