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Source: Regulation Asia Editors, Regulation Asia 2020-06-09

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Singapore is considering tightening regulations at its casinos in an effort to prevent money laundering and terrorism financing, reports Bloomberg.

The CRA (Casino Regulatory Authority) has already asked casino operators to lower the threshold for cash transactions that are subject to due diligence to SGD 5,000 (USD 3,600), half the current legislated level.

Singapore’s legislated SGD 10,000 threshold is much higher than the USD 3,000 threshold set by the FATF (Financial Action Task Force).

In its third enhanced follow-up report for Singapore, published in November, the FATF rated the city-state as only partially compliant on customer due diligence requirements applicable to DNFBPs (designated non-financial business and professions), in part due to the transaction threshold for casinos.

“The Ministry of Home Affairs and CRA are reviewing the legislative thresholds in the Casino Control Act with a view to lowering these thresholds further to fully comply with the FATF Standards,” the CRA said.

Singapore’s casino industry has come into the spotlight recently following reports that the US Department of Justice is investigating Marina Bay Sands over possible breaches of AML controls.

Marina Bay Sands also faces a Singapore probe into its money transfer policies, after the casino was sued last year on allegations that it transferred SGD 9.1 million of a client’s money to other casino patrons without approval in 2015.

The CRA said it is “committed to ensuring that the casinos in Singapore, including Marina Bay Sands, remain free from criminal influence or exploitation, and takes a serious view of any allegations of unauthorized money transfers.”

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FATF

Casina Regulatory Authority

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