CTF Archives

Singapore strengthened its counter-terrorism financing (CTF) and anti-money laundering (AML) laws on August 6. The 2006 Casino Control Act has undergone major modifications thanks to this new law, the Anti Money-Laundering and Other Matters Bill. One of the main features of this legislation is that it removes the need for consumer consent and allows the two casinos in the city to exchange customer data without going through the Gaming Regulatory Authority (GRA). It was noted by the Ministry of Home Affairs that suspicious transaction handling was delayed under the prior system. Casino operators can now react faster, improving "the operational effectiveness" of the regulatory framework, because the GRA is no longer serving as a middleman. Lowering the Due Diligence Threshold This bill also revises customer due diligence (CDD) checks to better detect and prevent financial crimes. Under the old regulations, CDD checks were mandatory for single cash transactions of S$10,000 (£5,922/€6,892/US$7,537) or more, or for deposits of S$5,000 or more. The new threshold lowers this requirement to S$4,000 for both cash transactions and deposits. According to the Gaming Regulatory Authority, this adjustment aims to “align our requirements” with the standards of the Financial Action Task Force (FATF), a global watchdog based in Paris that assesses the AML/CTF safeguards of jurisdictions. FATF regularly publishes grey and black lists of countries vulnerable to financial crimes. Currently, the grey list includes 21 countries, including the Philippines and Vietnam. Singapore is recognized as compliant, largely compliant, and partially compliant with most of FATF’s 40 AML/CTF recommendations. This new legislation underscores Singapore’s commitment to maintaining high standards in preventing financial crimes and enhancing regulatory efficiency.

CTF

Singapore Strengthens AML and CTF Regulations with New Legislation

Swedish Regulator Imposes Fine on Videoslots for AML and CTF Failures