In a shocking move that has sent shockwaves through the gambling industry in Singapore, the Casino Regulatory Authority (GRA) has announced that they will be lowering the threshold for due diligence checks on casino patrons from SGD 10,000 to SGD 4,000. The decision, which was made in response to concerns about the potential for money laundering and terrorist financing within the casinos, has sparked a heated debate among industry insiders and government officials.
The announcement was made by GRA Chairman Tan Cheng Siang in a press conference held at the regulator’s headquarters in Singapore. Tan stated that the decision to lower the threshold was a necessary step to ensure that the casinos in Singapore remain compliant with international anti-money laundering and counter-terrorist financing standards. He also emphasized that the move was not meant to discourage patrons from gambling, but rather to protect the integrity of the industry and safeguard Singapore’s reputation as a global financial hub.
The new threshold of SGD 4,000 will require casino operators to conduct enhanced due diligence checks on any patron who cashes out winnings or exchanges chips for cash in amounts exceeding that limit. This will include verifying the identity of the patron, conducting background checks, and monitoring their transactions for any suspicious activity. Failure to comply with these requirements could result in penalties for the casino operator, including fines and license revocation.
Industry insiders have expressed mixed reactions to the news, with some applauding the GRA for taking proactive measures to combat money laundering and terrorist financing, while others have raised concerns about the potential impact on business and patronage. Some operators have even gone as far as to suggest that the lower threshold could drive high-rollers away from Singapore’s casinos and towards other destinations with less stringent regulations.
In response to these concerns, the GRA has reassured operators that they are committed to working with them to ensure a smooth transition to the new threshold. They have also pledged to provide training and support to help operators comply with the new requirements and mitigate any potential negative impact on their business.
Overall, the decision to lower the due diligence threshold on casino patrons in Singapore represents a bold and decisive move by the GRA to address the growing concerns about money laundering and terrorist financing within the industry. While the decision may be controversial, it is clear that the regulator is willing to take decisive action to protect Singapore’s reputation as a global financial hub and uphold the integrity of its casinos. Only time will tell what the actual impact of this decision will be on the industry as a whole.
