Singapore Enhances Casino Regulations with New Due Diligence and Weapons Finance Scrutiny

Singapore-to-cut-casino-diligence-trigger-to-USdlr2950mediaWeapons-finance-scrutiny-to-be-part-of-Singapore-casino-AMLSingapore is set to implement significant changes to its casino regulations aimed at strengthening anti-money laundering (AML) and combatting the financing of terrorism (CFT) measures. The updates include lowering the threshold for customer due diligence checks and introducing new scrutiny for weapons finance. These measures will ensure that Singapore’s casino sector aligns with international standards set by the Financial Action Task Force (FATF).

Lowering the Due Diligence Threshold

The Gambling Regulatory Authority (GRA) of Singapore has announced a reduction in the cash deposit amount that triggers customer due diligence checks. Currently, this threshold is set at SGD5,000 (approximately USD3,685). However, the new regulations will lower this amount to SGD4,000 (approximately USD2,950). This change is expected to be implemented within the year, although the exact date has yet to be specified.

According to the updated Money Laundering National Risk Assessment, this reduction aims to enhance the casino sector’s AML/CFT regime. T. Raja Kumar, former president of the FATF and the inaugural chief executive of the Casino Regulatory Authority, emphasized the importance of aligning Singapore’s regulations with international standards.

Introduction of Weapons Finance Scrutiny

In addition to lowering the due diligence threshold, Singapore is also introducing new measures to address proliferation financing. This term, defined by the FATF, refers to funds or financial services used for nuclear, chemical, or biological weapons in violation of national laws or international obligations.

The proposed Anti-Money Laundering and Other Matters Bill, currently under review by Singapore’s parliament, includes provisions to tighten casino operators’ requirements for due diligence on the source of player funds. The bill will mandate that casino operators consider proliferation financing risks during customer due diligence checks. The Gambling Regulatory Authority of Singapore will be empowered to issue regulations to detect or prevent proliferation financing.

Enhanced Monitoring and Compliance

The Ministry of Home Affairs noted that the new regulations would require casino operators to conduct due diligence on patrons for any single cash transaction involving SGD10,000 (approximately USD7,371) or more, or when receiving SGD4,000 (approximately USD2,950) or more in a single transaction for deposit into a customer account.

Despite the moderately high risk of money laundering in Singapore’s casinos, the Money Laundering Risk Assessment Report Singapore 2024 reported no direct complicity by casinos in money laundering activities. However, there have been cases of third-party money laundering facilitated by casinos. One case involved an alleged conspiracy to cheat vessel owners of undelivered fuel, with proceeds amounting to about SGD1.9 million used to purchase casino chips.

Easing the Burden of Proof

The Anti-Money Laundering and Other Matters Bill also aims to ease the burden of proof in money laundering prosecutions. The amendment to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act will mean that prosecutors no longer need to show a direct link between criminal conduct and laundered money. It will be sufficient to prove that the money launderer knew or had reasonable grounds to believe they were dealing with criminal proceeds.

This change is designed to facilitate the prosecution of money mules, especially in cases where laundered money has passed through multiple bank accounts and intermediaries in foreign jurisdictions before entering Singapore.

Conclusion

Singapore’s enhanced regulations represent a significant step towards strengthening its AML/CFT regime within the casino sector. Singapore is aligning itself more closely with international standards by lowering due diligence thresholds and introducing new measures to combat proliferation financing. These changes underscore the city-state’s commitment to maintaining a robust and effective regulatory framework to combat financial crimes.

Sources:

Weapons finance scrutiny to be part of Singapore casino AML, ggrasia.com, July 1, 2024.

Singapore to cut casino diligence trigger to US$2,950: media, ggrasia.com, July 3, 2024.

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What To Look For In an Online Slot; Special Features, Volatility & RTP

Ask almost anyone who gambles at online casinos what their favorite games to play are and they will likely say slots. If you’re like me, you look for online slots with bonus rounds, innovative game mechanics, and high RTPs (return to player). The higher the playback percentage, the better your chances of winning, i.e., you’ll get back more money over time. Just a few player favorites that fit those criteria include Reactoonz, Money Cart 2, and Book of 99. It’s important to note that there are a variety of factors to consider, and a high RTP doesn’t necessarily guarantee the best experience for the type of game that you’re partial to.

How to Pick the Right Online Slot

The best way to determine what you like the most is to try different types of online slots. Choose from classic, reel, video, progressive, 3D, Megaways, fruit machines, etc., and titles from a range of software providers. Fortunately, you don’t always have to play for real money. During your search to find your “perfect” game, you have the option to play in demo mode. Any online casino worth its salt has a selection of free demo slots available. Slot sites that offer these free-to-play games do not require that you make a deposit or spend any money, and provide a great skill-building opportunity. However, when and if you do play for real money, you’ll have many more titles and game variants to choose from, as well as progressive jackpots.

Selecting the right online slot can have a significant impact on your gaming experience and potential for big wins. With so many options available, it’s important that you consider several factors when making your decision. What follows are a few suggestions, in no particular order, to help you make an informed decision and choose the right online slot for you.

Special Features & Bonuses

If you’re like me, the more bells and whistles there are during gameplay, the better. You’ll want to consider game mechanics, special symbols and bonus features. When you make your list of possibles, look for casino games that have special features like multipliers, free spins, and bonus rounds that will have you on the edge of your seat! Elements such as these ramp up the level of excitement and also boost your chances of scoring big prizes. It’s also a good idea to pay attention to scatters, wilds and any other special symbols that can increase your winnings considerably and unlock more rewards.

Volatility

One of the great things about slots is whether traditional or virtual you don’t have to possess a certain skill-set to be able to play and win money. However, one area where you can be strategic is volatility. Also known as variance, determining the volatility of a slot you’re interested in can give you some idea of what kind of gaming experience you might have and the resources you’ll need to enjoy the game to the fullest. The term volatility can be applied to everything from online slots and video poker to classic casino table games like roulette, craps and blackjack. A game’s volatility or level of variance will give you a reasonable indication of how frequently (hit frequency) you can expect to win and the size of the prizes (payout ratio).

Regarding slot volatility, the three main categories are low, medium, and high.

Low Volatility

Online slots that are low volatility are perfect for casual gamers. Wins will be small but steady and the minimum bet is typically low. And while the top payouts are on the smaller side, you aren’t likely to burn through your bankroll playing low volatility slots.

Medium Volatility

Medium volatility slots appeal to a wide range of players as they usually provide a balance between modest wins and the possibility of an occasional big win. There is a bit more risk playing medium volatility slots than with low, but there is also the potential for more reward.

High Volatility

If you’re hoping for big payouts, you’ll want to look for slots that are highly volatile. The hit rate is lower for these games, usually around 20%, and they pay out less frequently than lower volatility games, but when they do hit you could be in for a monumental win. A perfect example of a high variance slot is Book of 99 from casino software developer Relax Gaming. Released in May 2021, this “book-of” style game is set in Ancient Greece and 99% RTP! Like most high-volatility slots, this game is packed with special features including wilds, free spins, a special expanding symbol and more. If you’re lucky enough to line up 5 premium symbols in this game, you would collect a win worth 75 to 500X the stake!

Big win potential like that requires a sizeable bankroll to be able to play through dry spells that you can expect to experience.

RTP

Do not confuse volatility or variance with a game’s return to player (RTP) percentage. Where volatility indicates how often you’ll hit and the size of the prize, RTP refers to the amount of money paid out over time. Take a slot with an RTP value of 95%. What this means is if you wager $100, you can expect to win $95 back, theoretically, of course. Because the figure is calculated over such a large number of plays, batches of spins that diverge quite a bit from the average are possible.

Other factors you’ll want to consider are game theme and graphics, jackpots and progressive prizes, and reviews and recommendations. The latter especially will give you a good idea of the overall gameplay experience of a particular slot, as well as the frequency of payout and fairness. The more time you spend playing slots for fun, the more valuable such online forums will become.

Final Thoughts

You may have to put in a bit of time and effort reading reviews and taking advantage of demo play, but it just might make the difference between having an average gameplay experience and an exceptional one. One thing is for certain, with such a wide array of options to choose from, you’re sure to find an online slot that satisfies your thirst for excitement and rewards, whether big or small.

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Blackstone’s Crown Resorts Sells Nobu Stake, Turns Tidy Profit

Crown Resorts, the Australian casino operator controlled by US private equity Blackstone (NYSE: BX), sold its 20% interest in the posh Nobu hotel-restaurant chain.

Nobu
The Nobu restaurant at Caesars Palace Las Vegas. Crown Resorts sold its 20% stake in Nobu for $180 million. (Image: Caesars Entertainment)

As is often par for the course with Blackstone, an impressive profit was wrong from the divestment. Crown reportedly grossed $180 million by selling its Nobu interest after buying into the hospitality entity in 2015 for $100 million. Crown’s sale implies Nobu, which counts actor Robert DeNiro among its investors, at $900 million.

At the end of last year, there were 56 Nobu restaurants in 23 countries around the world, the first of which opened in Los Angeles in 1987 under the name Matsuhisa — the surname of founder Nobu Matsuhisa. Crown acquired the Nobu stake under founder James Packer. The gaming company controls Crown Melbourne, Crown Perth, and Crown Sydney in its home country.

Nobu Still Has Gaming Ties

Even with Crown shedding its Nobu investment, the hotel-restaurant company maintains an array of ties to the casino industry.

The first Nobu hotel opened in Caesars Palace on the Las Vegas Strip in 2013. Two years later, another such venue debuted at Melco Resorts & Entertainment’s City of Dreams Manila. A new Nobu hotel is also a centerpiece of enhancements at Caesars Palace on the Atlantic City Boardwalk as well as that operator’s New Orleans plans.

Nobu Hotel and Restaurant New Orleans are set to open within the newly created Caesars New Orleans, following a multimillion-dollar transformation of Harrah’s New Orleans,” according to the Nobu Hotels website.

The site indicates the New Orleans property should be open in late 2024. In Las Vegas, Nobu also has restaurant locations at Caesars-operated Paris and the Virgin Hotel in addition to Caesars Palace.

Blackstone Wants Crown Focusing on Gaming

Crown’s divestment of its Nobu stake was reportedly the result of Blackstone wanting the gaming to focus on its core competencies of casino hotel operations. The private equity giant shelled out $6.6 billion for the Aussie gaming firm in 2022, pledging an array of improvements to bolster Crown’s position in its home country and its appeal to bettors throughout the Asia-Pacific region.

Blackstone is intimately familiar with the casino business. It previously owned and operated the Cosmopolitan on the Las Vegas Strip prior to selling those operating rights to MGM Resorts International (NYSE: MGM) for $1.6 billion. The private equity firm also has an array of successes in the world of casino real estate.

In December 2022, it sold its 49.9% interests in Mandalay Bay and MGM Grand to VICI Properties (NYSE: VICI) for $4.27 billion. It sold Cosmopolitan’s property to VICI for more than $4 billion and is still the majority owner of Bellagio’s real estate. Blackstone also owns the property assets of Aria and Vdara, both of which are also operated by MGM.

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Slotegrator Expands in Italy with Capecod Gaming Partnership

Slotegrator has announced the addition of Capecod Gaming to its expanding network of partners. Through the APIgrator solution, operators can now integrate thousands of games from various developers, including the high-quality titles offered by Capecod Gaming.

Capecod Gaming’s Expertise and Innovative Solutions

Slotegrator-expands-in-Italy-with-Capecod-Gaming-our-new-partnerBased in Italy, Capecod Gaming is renowned for its exceptional game titles and platform solutions tailored for online and mobile casinos. The team includes professionals with extensive backgrounds in mobile gaming, IT solutions, and land-based industries, ensuring the creation of engaging games with unique gameplay features. As part of the Greentube GmbH Group, Capecod Gaming is synonymous with creativity and innovation in the online gaming industry.

A key strength of Capecod Gaming is its dedication to mobile optimization. By utilizing HTML5 technology, the studio ensures a seamless and exceptional user experience across all devices. Their impressive portfolio includes over 130 games featuring popular titles such as Klondike Fever, Stardust Evolution, Immortal Blood Buy Bonus, and Ulysses. These games have captured the hearts of players globally.

Innovative Tools and Player Engagement

Capecod Gaming’s commitment to innovation is evident in its gamification and marketing tools designed to enhance player retention and the overall gaming experience. The company offers operators fully customizable business tools that empower them to engage players effectively and drive business growth. These robust solutions ensure operators can provide an engaging and immersive gaming experience.

Michele Morotti, CEO of Capecod Gaming, expressed his excitement about the partnership:

“We are thrilled to announce our strategic partnership with Slotegrator, an undisputed leader in the iGaming industry with a network of prominent clients worldwide. We are delighted to bring our games to the attention of Slotegrator’s operators and their players, and we are confident that they will appreciate both our titles and our entertainment approach, focused on innovation and engagement.”

Seamless Integration with APIgrator

All Capecod Gaming games are now available for integration via the APIgrator solution. This allows operators to seamlessly incorporate Capecod Gaming’s extensive library into their platforms in a single session. For more information on this integration feature, interested parties are encouraged to contact the Slotegrator sales team.

APIgrator is a unique solution that facilitates the fast and seamless integration of online casino games into gambling platforms. This API protocol integrates software from a variety of game developers in a single session, offering a fast and cost-effective solution. APIgrator includes slots, card games, live dealer games, and virtual sports from 100 of the world’s leading developers.

Source: Slotegrator Expands in Italy with Capecod Gaming, Our New Partner, Slotegrator, July 9, 2024.

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Finland’s New Gambling Bill to End Veikkaus Monopoly by 2027

Finland-prepares-for-liberalised-gaming-market-in-2027The Finnish Ministry of the Interior has introduced a draft government proposal to reform the country’s gambling system. This proposal, which aligns with the Government Programme, aims to dismantle Veikkaus Oy’s current monopoly on betting and online casino games and open these markets to competition through a licensing model. The consultation period for this draft legislation ends on August 18, 2024.

Key Changes and Objectives

Under the new proposal, Veikkaus Oy will no longer hold exclusive rights to arrange betting and online slot machine games and casino games. These areas will be opened to competition via a licensing system managed by the Finnish Supervisory Agency. The goal is to reduce gambling-related harm and channel demand toward a regulated gambling system.

Currently, Veikkaus Oy maintains a monopoly over gambling games in Finland, but a substantial portion of online gambling occurs outside this system, involving enterprises not regulated or supervised by national authorities. The new legislation seeks to regulate these activities, ensuring better oversight and consumer protection.

Licensing and Supervision

The proposed act outlines the provisions for licensed gambling and its supervision. To increase regulation and minimize gambling-related harm, enterprises can apply for licenses to operate gambling games in Finland. There will be two types of licenses: exclusive licenses and gambling game licenses. Additionally, the provision of gambling game software will require a specific software license.

Licensing will require payment of an annual supervision fee to the regulatory authority. Lotteries, pools, totalisator betting, physical slot machines, and casino games will remain under exclusive licenses, maintaining Veikkaus’ monopoly over these areas. However, the monopoly and competitive market activities will be separated into different entities within the same group.

The government will decide on the annual compensation Veikkaus pays the state for its exclusive license. The proposed legislation also grants the state owner more flexibility regarding future decisions about Veikkaus Oy’s ownership, including reducing state ownership if deemed beneficial for shareholder value.

Marketing and Player Protection

The draft legislation includes stringent provisions on the marketing and sponsorship of gambling games. Licensed gambling enterprises can advertise within specific restrictions, ensuring moderate volume, scope, visibility, and frequency of marketing efforts. Prohibited marketing tools and practices include collaboration with social media influencers on their accounts and targeting minors or vulnerable persons.

A centralized register for self-imposed gambling bans will be introduced, allowing players to exclude themselves from any gambling games any license holder offers. The act will also govern the registration of gamblers, verification of their identity and residence, age limits for gambling, and the use of gambling accounts.

New Supervisory Agency

A new Finnish Supervisory Agency, operating under the Ministry of Finance, will replace the National Police Board as the regulatory authority. This agency will have extensive powers to regulate the market, including imposing administrative sanctions, prohibiting unlawful activities, rescinding licenses, and conducting test purchases. It will also oversee compliance with anti-money laundering and terrorist financing legislation.

The agency will use network barring and payment blocking to prevent unauthorized gambling and steer demand toward licensed operators. Additionally, the Ministry of Social Affairs and Health, through the Finnish Institute for Health and Welfare, will monitor, study, and assess gambling-related harms.

Implementation Timeline

The government plans a phased implementation of the new system:

  • August 18, 2024: End of the consultation period.
  • Spring 2025: Submission of the government proposal to Parliament.
  • Early 2026: Opening of license applications for operators.
  • End of 2026: Veikkaus’ monopoly on sports betting and online casino games ends, with the company split into separate entities.
  • Early 2027: Suppliers can apply for software licenses, and licensed gambling activities commence.
  • 2028: Requirement for operators to use only locally licensed software providers.

The draft legislation represents a significant shift in Finland’s approach to gambling, aiming to create a more regulated and competitive market. Feedback from industry stakeholders and government departments is being sought to refine the proposals before final submission to Parliament.

Source:

Draft legislation on new gambling system submitted for consultation, intermin.fi, July 3, 2024.

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