enhances

Singapore-to-cut-casino-diligence-trigger-to-USdlr2950mediaWeapons-finance-scrutiny-to-be-part-of-Singapore-casino-AML Singapore 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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groove_plant_more_seeds_with_3_oaks_gaming_2 Groove, the famous iGaming casino platform provider and aggregator, joined forces with 3 Oaks Gaming, the renowned iGaming content distributor.

A significant step towards global expansion:

This isn’t the first deal Groove agreed upon recently. The company signed various agreements prior to ICE2024 to strengthen its position in the global market and expand to new markets all over the world.

The newest deal with 3 Oaks Gaming is a great achievement for Groove. The impressive portfolio of 3 Oaks Gaming will be added to the aggregation platform developed by Groove to enhance its value and make it more interesting to its fans. On the other hand, this deal gives 3 Oaks an opportunity to reach new players across various key markets in the world and enhance its position in them.

Among the games that will be included in the offering and available on Groove’s platform are hit releases such as popular Hold and Win releases, as well as Little Farm, 3 Hot Chillies, 777 Coins, and the popular Goddess of Egypt. The offering also includes a hit series of games, such as Sun of Egypt, Aztec Fire, Gold Nuggets, Crystal Scarabs, Lady Fortune, African Spirit Sticky Wilds, and Olaf Viking.

Advanced integration

The games will be available through the integration with GroovePlay. Groove’s popular platform sees more than 100 new games every month in its offering, so the portfolio keeps growing. Currently, more than 15,000 games are available to players, all of them available via one single API.

The company’s partners network consists of more than 100 renowned content partners, including the most recent one with 3 Oaks Gaming, and keeps rapidly expanding. Through these partnerships, Groove focuses on developing and adding new, advanced, and unique products. Among the most popular types of games are slots, online casino games, live casino, poker, and table games. Its offering also includes crash games, sweepstakes, sportsbooks, virtual sports, and lottery.

Sebastian Damian, Managing Director of 3 Oaks Gaming, said: “Through this tie-in with Groove we boost our credentials as a distributor set to expand its footprint across a plethora of operators and jurisdictions thanks to the new partnership. We have ambitious plans to expand globally so we are very excited about this deal as a central pillar of our strategy.”

Yahale Meltzer, COO and co-founder at Groove said: “This partnership with 3 Oaks Gaming underscores our relentless pursuit of expanding our offerings and delivering world-class content to the iGaming community. Our operator network is constantly looking for fresh content, not only in the form of the more than 100 new titles we add every month but also in partner studio diversity where 3 Oaks Gaming has a unique set of player propositions.”

Source:

“Groove plant more seeds with 3 Oaks Gaming”, europeangaming.eu, January 30, 2024.

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