Singapore Considers Tightening Casino Rules for Customers


Trump, citing pandemic, moves to weaken key environmental protections
Family feud over Stanley Ho’s estate
(Bloomberg) — Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority.
The regulator earlier halved the legislative threshold for the amount of cash transactions at casinos that are subject regulatory review to S$5,000 ($3,588), a CRA spokesperson said in an emailed response to Bloomberg queries. That’s still higher than the global standard of $3,000 set by global 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.
The Financial Action Task Force reported in November that the city-state had inadequate customer due diligence requirements for entities such as casinos and real estate agents. It said “moderate shortcomings are still affecting” the two sectors, without citing any companies.
Last year, the Singapore government agreed to extend licenses to operate casinos held by Genting Singapore Ltd. and Las Vegas Sands Corp. to 2030, in exchange for pledges to invest a combined S$9 billion in tourism projects.
For more articles like this, please visit us at bloomberg.com
The IKEA SALE is now on, happening online only!
Central Singapore Households Shocked By New Benefits
Smart USB Stick Backs Up Entire Computer
BEIJING (AP) — China is advising its citizens not to visit Australia, citing racial discrimination and violence against Asians, in what appears to be Beijing’s latest attempt to punish the country for advocating an investigation into the coronavirus pandemic. A notice issued by the Ministry of Culture and Tourism late Friday said there has “been an increase in words and deeds of racial discrimination and acts of violence against Chinese and…
After more than five months of the coronavirus pandemic, the World Health Organisation is advising the public to wear masks on public transport and in crowded areas. The change was announced as the WHO issued a new set of detailed guidelines on the use of masks. “In light of evolving evidence, WHO advises that governments should encourage the general public to wear masks where there is widespread transmission and physical distancing is…
Autel Diagnostic Tool