singapore

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-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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Filed Under: Gambling News Tagged With: Casino, diligence, enhances, finance, regulations, scrutiny, singapore, weapons

Light & Wonder Reveal Asian Games and Systems Upgrades for Singapore Show

light_and_wonder_reveal_asian_games_and_systems_upgrades_for_singapore_show Light & Wonder is aiming high in Asia with its participation in Global Gaming Expo (G2E) Asia. The event runs from May 30 to June 1 this year at Marina Bay Sands in Singapore.

While precise details will not be publically available until revealed at the show for some of the company’s advancements in the Asian market, the former Scientific Games has teased some info on its comprehensive cross-platform loyalty program with an array of customizable features for operators to retain and attract customers.

Differentiating Solutions from Industry Leaders

The new Systems enhancement will complement the current products in use and give operators a distinctly differentiated solution for integration into platforms already in use across the loyalty space.

Regarding the behemoth game provider and developer’s debut of new games meant to capture and keep players in one of the world’s most rapidly developing markets, each pick seems capable of carrying its weight to help L & W reach the goal of Number One in Asia.

Starting with the electronic table game (ETG), RouletteX, players stand a chance to win much more on a roulette game than they normally would. By choosing their own volatility (risk v reward) players can reap up to 500x their bet on a single number. The game is played on Light & Wonder’s Quartz Standalone and Hybrid platform.

Dragon Tail Baccarat is now available for play on the Quarts Stand-alone system. The new title offers free games and side bats along with a touch screen that displays a variety of interactive features for the player to choose from. Operators on the other hand will have access to statistics, trend displays that can be custom-configured, game history, a bet scheduler, and a timer option as options to offer players.

Not to risk being mired in excellent floor games before even mentioning slots and progressive slots we’d be remiss not to bring up the company’s 2022 Global Gaming Awards Asia’s “Casino Product of the Year,” the MDX card shuffler. It is deserving of its own showcase and will receive it at the show along with some of the live dealer games served by it.

The time-proven Blazing 7s Blackjack Progressive will be featured and find its way to Asian casino floors this year with side bets based on 7-pip cards. Players who choose to play the 7s will win if their first card is a 7 – win even more if their second is a seven and go rolling in the bank if the dealer’s first card is a 7 too.

“Our Asian customers are excited to energize their casino floors and discover the tremendous value created for their players who want more modern, immersive game content with solutions and services to enhance the guest experience,” said Simon Johnson, Light & Wonder Senior Vice President and Managing Director, International Gaming.

“Light & Wonder is taking the lead in performance and ship share across key Asian markets, an indicator that our ambition to be number one in the Asian market is well on its way to be actualized. To respond to this forward momentum and the demand for next-generation content, our team of award-winning game designers and studios have created a robust pipeline of next-level experiences, content, technology and systems that will reach across multiple platforms and markets.”

Slots for Asia Extend Popular Franchises

Popular game families and franchise strings from Light & Wonder that will see new editions and additions for Asia include Dragon Unleashed, DU? FÚ DU? CÁI GRAND, Dancing Drums Explosion, and Coin Combo.

Coin Combo adds VIP to its name as well as titles such as Carnival Cow and Hyper Horse with progressive jackpots. Both of the franchise extensions were purpose-built specifically for the Asian market and will be available on the KASCADA Portrait 43” cabinet.

A Dual Screen version of the Kascada will debut at the show for the very first time. Edge lighting and a signature reflector compliment the 43″ cabinet to give it a striking presence on any casino floor. Look for the market-unique cabinets to feature two high-resolution 27” monitors and a floating 27” topper for dynamic game content.

Ingotcha and Dragons are two new titles joining the DU? FÚ DU? CÁI Grand family of games with jackpot-rich features. Player-favorite features remain in popular games but innovations improve playability and broaden the audience.

Red Fleet and Treasured Happiness are two titles joining Dragon Unleashed in that franchise and the new games carry the originals deep into big win territory with free games and respins adding to the familiar features. The franchise is now arguably one of the most exciting game series to be found on any casino floor and has been added to the Kascada Duel Screen cabinet for side-by-side theatrical game presence – especially during the Dragon Reel feature.

Source: Light & Wonder aiming for number one in Asia at Singapore show, G3 Newswire, May 24, 2023

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