Singapore Mulls Tighter Anti-Laundering Rules for Casinos
- Casino authority requests lower cash thresholds for diligence
- CRA responds to Bloomberg’s query on task force report
A person with a smartphone takes a photograph of the Marina Bay Sands hotel and casino.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Singapore is considering tighter regulations at its casinos in an effort to prevent money laundering and financing for terrorism, according to the Casino Regulatory Authority.
The regulator has already asked casino operators to lower the threshold for cash transactions that are subject to due diligence to S$5,000 ($3,588), half the current legislated level, a spokesperson said in an emailed response to Bloomberg. Singapore’s formal threshold is much higher than the global standard of $3,000 set by the anti-money-laundering watchdog Financial Action Task Force, according to the CRA.