Singapore lowers threshold for due diligence checks on customer cash deposits
The deposit sum for a due diligence check was updated to S$4,000 (US$2,900), as compared to S$5,000 (US$3,681) prior to the new rule.
Singapore has updated a rule that will come into effect later this year. Under this rule, due diligence checks by casino operators and owners will be conducted when cash deposits of at least S$4,000 have been received from customers. The sum is lower than the previous sum, which is S$5,000.
The new rule is part of Singapore’s updated National Strategy for Countering the Financing of Terrorism, jointly published on Monday by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS).
“The adjustment is made so that Singapore casinos can better combat money laundering and terrorism financing and align our requirements with FATF standards,” the Gambling Regulatory Authority (GRA) said in reply to Singaporean and Malaysian news media.
The risk of crime and money laundering affecting the Singapore casino sector was explored in the report “Environmental Crimes Money Laundering National Risk Assessment,” published in May 2024. It stated that the casino sector has been listed as one sector under risk of exploitation for money laundering. However, mitigation steps have already been proposed to prevent any exploitation risks in the future.
Singapore currently has two integrated casino resorts in legal operations, namely Resorts World Sentosa and Marina Bay Sands.
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