Macau gaming sector sees 57% spike in suspicious transactions reports in 1H 2024

Macau’s gaming sector has experienced a significant increase in Suspicious Transaction Reports (STRs) in the first half of 2024, according to the latest data from the Financial Intelligence Office (FIO). From January to June, the number of STRs filed by the city’s casino operators rose by 56.7% year-on-year, totaling 2,181 reports compared to 1,392 in the same period last year.

This surge in STRs from the gaming industry has notably contributed to the overall rise in suspicious transaction reports across all sectors in Macau. The total number of STRs for the first half of 2024 reached 2,879, marking a 51.2% increase from the previous year. The casino sector alone accounted for a significant 75.8% of all STRs during this period.

Despite the year-on-year increase, the second quarter of 2024 saw a slight decline in the number of casino-sector STRs compared to the first quarter. Reports decreased by 6.1%, from 1,125 in the first quarter to 1,056 in the second quarter.

The rise in STRs is partly attributed to the resurgence of visitor arrivals and increased business volumes following the easing of border restrictions in January 2023. Financial institutions and insurance companies also saw a rise in STRs, with 556 reports in the first half of 2024, up from 373 in the same period last year. Reports from other institutions slightly increased from 139 to 142.

In 2023, Macau’s casino operators recorded 3,431 STRs, the highest annual figure since the FIO began publishing data in 2006. In a previous interview with GGRAsia, the FIO told the publication that common triggers for these casino-related suspicious transaction reports have included activities such as the conversion of chips without or with minimal gaming activity, conversion of chips on behalf of third parties, and currency or cash conversions.