Singapore Tightens Casino Due Diligence in Anti-Money Laundering Bill

Singapore’s parliament initiated a bill on Tuesday to amend the Casino Control Act, focusing on stricter due diligence for casino operators regarding player funds. The Ministry of Home Affairs issued a corresponding press release the same day.

Dubbed the Anti-Money Laundering and Other Matters Bill, the proposed legislation aims to align with FATF standards, extending due diligence to include proliferation financing risks. The Gambling Regulatory Authority of Singapore will enforce these regulations.

Currently, casinos must conduct due diligence for transactions over SGD10,000 or deposits exceeding SGD5,000. The amendment lowers this threshold to SGD4,000.

Despite Singapore’s casinos facing “moderately high” money laundering risks, authorities haven’t found them complicit. Instances involve third-party money laundering through casinos.

The bill also adjusts the burden of proof in money laundering cases, facilitating prosecution without a direct criminal conduct-money link.

Prime Minister Lawrence Wong highlighted lessons from a recent SGD3-billion laundering case to fortify Singapore’s regulations and enforcement.

Original Story by: GGRAsia