- Singapore casinos to up vigilance for transactions over S$4,000 (US$2,950).
- Gambling Regulatory Authority (GRA) aligns with FATF to fight money laundering and terrorism financing.
- Singapore casino rules aim for higher financial security in the gaming industry.
Singapore casinos are setting a new standard in the global fight against illegal financial activities.
Revamped Singapore Casino Rules
New changes are coming to Singapore casinos to strengthen the guard against dirty money and threats.
From now, any cash deposit above S$4,000 (US$2,950) needs extra checks.
Later in the year, casinos will be more careful about where their money comes from.
This drop from S$5,000 shows the country is serious about safety.
Here are some key highlights to note:
- Casinos must report any deposit over S$4,000 (US$2,950) for checking.
- The Financial Action Task Force (FATF) is the global watchdog for money laundering and terrorism financing.
- FATF standards are the new benchmark for Singapore’s casinos.
- This year (2024) will see tougher rules to keep money clean.
Fight Terrorism Funding
According to the Channel NewsAsia, “The adjustment is made so that Singapore casinos can better combat money laundering and terrorism financing and align our requirements with FATF standards,” said the Gambling Regulatory Authority (GRA).
The Gambling Regulatory Authority (GRA) has improved its tools.
Singapore’s financial hub must stay safe from terrorism risks.
Money flow in this industry now faces stricter watch.
Fines from the GRA hit a record S$2.25 million last December.
Take a look at this quick table for a clear overview:
| Previous Deposit Reporting Threshold | New Deposit Reporting Threshold |
|---|---|
| S$5,000 | S$4,000 (US$2,950) |
| Record GRA fine in 2023 | S$2.25 million |
| FATF standards | Now in force |
| Launch of new measures | Expected in 2024 |
Public Reaction and Industry Impact
The media is saying these steps will make Singapore safer.
Casinos might feel this change is a bit of a problem, though.
But can you put a price on safety? Most would say no.
The casino industry in Singapore is taking bold steps with new casino rules to fight terrorism funding.
