Singapore cuts casino deposit due diligence to $2.9K

Singapore will lower the threshold for due diligence checks on cash deposits in its casinos, aligning with stricter counter-terrorism financing controls. The new limit will be SG$4,000 (US$2,950), down from SG$5,000 (US$3,700), in line with Financial Action Task Force (FATF) standards. This adjustment is expected to take effect this year, though no specific timeline has been announced.

Singapore operates only two casinos: Marina Bay Sands and Resorts World Sentosa. A joint statement by the Ministry of Home Affairs, Ministry of Finance, and Monetary Authority highlighted varying risk levels for money remittances, cross-border cash movements, and digital payment token services.

The National Strategy for Countering the Financing of Terrorism (NSCFT) mandates customer due diligence (CDD) for all financial transactions in casinos to prevent terrorism financing. Singapore is compliant with most FATF recommendations, with ongoing assessments scheduled.

Enhanced surveillance and supervisory activities will target higher-risk areas and entities, engaging industry through outreach and cooperation initiatives. Casino operators must file suspicious transaction reports (STRs) for cash transactions exceeding SG$10,000 ($7,400) in a single transaction or aggregate on any gaming day, with penalties up to SG$20,000 ($14,800) for non-compliance.

Despite medium-high money laundering risks for casinos, the Monetary Authority of Singapore (MAS) reports low instances of direct complicity in money laundering. Legislative amendments will lower the CDD threshold to strengthen regulatory oversight and align with international standards.

Original Story by: AGB