Casino Singapore Rules
SINGAPORE (BLOOMBERG) - Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority.
The regulator earlier halved the legislative threshold for the amount of cash transactions at casinos that are subject regulatory review to $5,000, a CRA spokesperson said in an emailed response to Bloomberg queries.
That's still higher than the global standard of US$3,000 (S$4176) set by global anti-money laundering watchdog Financial Action Task Force, according to the CRA.
'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 seems to be well aware of the crime that casinos often bring. The government introduced strict rules on junketing — gambling trips for wealthy high rollers organized by independent. A Singapore Government Agency Website. Casino Control (Exclusion from Casino — Social Assistance Programme and Subsidy Scheme) Order 2013. Marina Bay Sands Casino Singapore, Games, Dress Code & Hours Marina Bay Sands Casino is also keeping up with the integrated resort’s goal. The casino is a massive playing area with nearly 500 open gaming tables, 30 rooms for private gaming and some 1,600 ‘jackpot machines’.
The Financial Action Task Force reported in November that the city-state had inadequate customer due diligence requirements for entities such as casinos and real estate agents.
It said 'moderate shortcomings are still affecting' the two sectors, without citing any companies.
Casino Singapore Rules 2020
Last year, the Singapore government agreed to extend licenses to operate casinos held by Genting Singapore and Las Vegas Sands to 2030, in exchange for pledges to invest a combined $9 billion in tourism projects.
Singapore Casino Dress Rules
Bloomberg reported last week that the Marina Bay Sands casino is being probed by the United States Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers.