The threshold for cash deposit due diligence in Singapore has been lowered to S$4,000 (US$2,900) from the previous S$5,000 (US$3,681).
This new rule, set to take effect at the end of 2024, will require casino operators to conduct due diligence for personal deposits starting at S$4,000. The reduction from S$5,000 aims to enhance measures against money laundering and terrorist financing, aligning Singapore’s regulations with FATF standards.
The updated regulation is part of Singapore’s National Counter-Terrorism Strategy, announced by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS). The Gambling Regulatory Authority (GRA) emphasized that this adjustment would help casinos better combat financial crimes.
The National Environmental Crime Money Laundering Risk Assessment report, published in May 2024, highlighted the casino sector’s vulnerability to money laundering. It also proposed mitigation measures to address these risks.
Singapore currently hosts two integrated casino resorts: Resorts World Sentosa and Marina Bay Sands.
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