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Resorts World Sentosa (RWS) has been penalized by Singapore’s Gambling Regulatory Authority (GRA) for significant due diligence lapses. According to the Casino Control Act of 2006 and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations of 2009, the casino did not carry out the required inspections.
A review of RWS’s customer operations was started by the GRA in 2020, and it found instances of non-compliance. Investigations further showed that the casino had many due diligence violations between December 2016 and December 2019.
In particular, RWS staff members broke PMLTF Regulations by failing to verify the identity of third-party depositors and failing to do checks for transactions totaling more over $5,000 Singaporean dollars.
RWS has been fined S$2.25 million (about $1.67 million USD) for the serious infractions. In addition, one accused individual’s special employee license has been withdrawn, and investigations are still underway to find out how additional special workers may have contributed to the breaches.
Even with controls and a framework in place to prevent money laundering and terrorist financing (PMLTF), RWS was unable to identify instances of non-compliance due to systemic failures. As soon as the problems were discovered, the casino took prompt action to resolve them and hired a third party to examine its standard operating procedures.
In an effort to strengthen corporate governance and internal controls, RWS is aggressively examining its corporate culture. While acknowledging these corrective actions, the GRA underlined how serious RWS’s offenses were.
The GRA came to the conclusion that RWS had committed serious infractions and emphasized that it is committed to rigorous oversight and prompt disciplinary action against negligent gaming enterprises. Operators should take note of this occurrence as a reminder of the need of adhering to regulatory standards, as the GRA continues to take a watchful posture on compliance issues.