Macau gaming sector sees 89% spike in suspicious transactions reports in first quarter of 2024

Macau’s gaming sector saw an 89.1% increase in suspicious transaction reports in the first quarter of 2024 compared to the same period last year.

According to data from the city’s Financial Intelligence Office, the casino industry filed 1,125 suspicious transaction reports between January and March, up from 595 in the first quarter of 2023. Overall suspicious activity reports across all sectors in Macau rose 78.7% to 1,460 in the first quarter, Macau Daily Times reports.

Casinos accounted for 77.1% of all suspicious transaction reports filed in Macau during the first three months of the year. Quarterly filings from casinos were up 2.6% from the final quarter of last year.

In 2023, Macau casinos submitted a record 3,431 suspicious transaction reports, marking an 80% increase over 2019. The rise is attributed to the city’s economic rebound and ongoing compliance efforts by gaming operators.

Common triggers for casino reports included chip conversions without sufficient gambling, third-party chip exchanges, and large currency exchanges. These triggers have remained consistent from 2019 through 2023, according to the Financial Intelligence Office. The office collects suspicious activity data to monitor financial crimes such as money laundering in Macau, the report said.