Singapore: Singapore Mulls Tighter Anti-Laundering Rules for Casinos

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.

“The Ministry of Home Affairs and CRA are reviewing the legislative thresholds in the Casino Control Act with a view to lowering these thresholds further to fully comply with the FATF Standards,” the CRA said.

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