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 asked casino operators to set a threshold for the amount of cash transactions that are subject to due diligence at S$5,000 ($3,588), a CRA spokesperson said in an emailed response to Bloomberg queries. Singapore’s current legislative thresholds at S$10,000 are higher than the global standard of $3,000 set by global anti-money-laundering watchdog Financial Action Task Force, according to the CRA.
- 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’.
- One of the biggest casinos in Asia and perhaps the only casino in Singapore, the other being in sentosa (resortsworld).the entry fee for the Singapore nationals is 100 sgd while it is free for the fo.
Casino Exclusion and Visit Limit are social safeguards that can help stop or limit problem gamblers and those in financial hardship from entering or frequenting the casinos in Singapore. Find out how these measures can help you and your loved ones. As of last Thursday, the casino entry tax for Singapore citizens and permanent resident rose 50%, to S$150 for 24 hours or S$3,000 annually per casino. Furthermore, in 2022, Singapore will.
“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.
The Financial Action Task Force said last year 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.
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