Singapore’s gambling regulator imposes fine on Resorts World Sentosa for due diligence failures

The Gambling Regulatory Authority (GRA) of Singapore fined Resorts World Sentosa (RWS) SG$2.25 million (US$1.67 million) for failing to conduct customer due diligence checks in accordance with the Casino Control Act 2006 and the Casino Control (Prevention of Money Laundering and Terrorist Financing) Regulations 2009.

The GRA has instructed the casino operators in Singapore, RWS and Marina Bay Sands, to conduct an analysis of the behavior of specific consumers in 2020.

Investigations additionally unveiled that RWS failed to conduct the mandatory customer due diligence on a number of transactions spanning the period from December 2016 to December 2019.

RWS failed to comply with regulatory requirements by neglecting to verify the identities of third-party depositors through reputable, independent sources, record relevant identifying information, and establish the identities of such individuals. The GRA recognized that RWS had established a structure to combat money laundering and financing of terrorism; however, it identified enduring deficiencies in multiple processes that resulted in non-compliance.

RWS has since implemented corrective measures, reaffirmed its protocols, and enlisted the services of an external auditor to evaluate its standard operating procedures. A special license was revoked for an employee who was involved in the offenses, and investigations into the possible liability of other employees continue.

According to RWS, no indications of money laundering or illicit activity were present, and the GRA’s monetary penalty would not significantly affect the organization’s financial standing.

Related Article About: Resorts World Sentosa

Original story by: IAG