Singapore requiring casinos to conduct due diligence checks on cash deposits of $3,000

Singapore is set to implement stricter regulations governing cash deposits at its casinos, a move aimed at combating terrorism financing and enhancing financial transparency. Effective this year, casino operators will be required to conduct due diligence checks on cash deposits of S$4,000 ($2,950) or more, a reduction from the previous threshold of S$5,000.

The new rule, part of Singapore’s updated National Strategy for Countering the Financing of Terrorism, comes amidst the city-state’s commitment to aligning with global standards set by the Financial Action Task Force (FATF). The objective is to fortify defenses against illicit financial activities and mitigate risks associated with terrorism financing.

According to the Gambling Regulatory Authority (GRA), the adjustment is intended "to better combat money laundering and terrorism financing and align our requirements with FATF standards." This decision follows enforcement actions within the sector, including a record fine of S$2.2 million ($1.6 million) imposed on Resorts World Sentosa in December 2023 for lapses in conducting due diligence checks on high-value cash transactions.

The updated National Strategy, jointly published by the Ministry of Home Affairs, the Ministry of Finance, and the Monetary Authority of Singapore (MAS), includes a Terrorism Financing National Risk Assessment. This assessment identifies key threats posed by international terrorism organizations such as ISIS and Al-Qaeda, as well as potential regional influences that could exacerbate terrorism financing risks.

Authorities emphasized Singapore’s approach in addressing terrorism financing, utilizing a multi-agency framework that encompasses security, intelligence, law enforcement, and regulatory oversight. 

The 2024 Terrorism Financing National Risk Assessment identifies several high-risk areas, including money remittances and emerging digital payment channels. This comes amid an evolving global terrorism landscape and the proliferation of digital financial services across Asia.