Singapore’s GRA Hands $1.67M Fine to Resorts World Sentosa for AML Breaches

Singapore’s Gambling Regulatory Authority (GRA) announced that it has penalized Resorts World Sentosa (RWS) over due diligence failures. According to the authority, the casino failed to perform the checks outlined in the Casino Control Act 2006 (CCA) and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009 (PMLTF Regulations).

Back in 2020, the GRA asked RWS to review the activities of some of its customers. As a result, the operator recorded instances of non-compliance, prompting further investigation by the GRA. The regulator eventually discovered that between December 2016 and December 2019, RWS committed multiple due diligence failures.

The GRA learned that RWS’s employees did not perform checks for certain transactions of over 5,000 Singaporean dollars and did not establish the identity of the third-party depositors, thus violating the PMLTF Regulations.

As a result of its serious violations, the casino resort was handed an S$2.25 million fine (roughly $1.67 million in USD). The GRA has also canceled the special employee license of one of the employees involved in the breaches. The authority is still conducting investigations to determine the culpability of the other special employees involved in the violations.

RWS Will Try to Do Better
The GRA reported that RWS had a PMLTF framework and controls in place. Despite that, systematic failures in certain controls prevented the company from detecting some of the instances of non-compliance.

The authority pointed out that RWS took immediate action to address the non-compliances once they were detected. The regulator also noted that RWS engaged an independent party to review its standard operating procedures. In the meantime, the casino resort has undertaken a review of its corporate culture, aiming to reinforce its internal controls and corporate governance.

The GRA concluded that RWS’s violations are very serious. It reminded operators that it will not hesitate to take disciplinary action against errant casino companies and will continue to exercise “tight supervision” over their compliance matters.

This is in line with Singapore’s recent plans for reinforcing its regulations. In November, the country, which already has strict regulations on gambling, considered stringent cryptocurrency regulations.

BY: 온라인카지노

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