• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Resorts World Sentosa whacked with US$1.7 million fine by regulator for due diligence failures

Ben Blaschke by Ben Blaschke
Sat 9 Dec 2023 at 16:39
We’re Back!

Resorts World Sentosa

52
SHARES
1.3k
VIEWS
Print Friendly, PDF & Email

Singapore’s Gambling Regulatory Authority revealed Friday it has fined Resorts World Sentosa SG$2.25 million (US$1.67 million) for failure to perform customer due diligence checks as required under the Casino Control Act 2006 (“CCA”) and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009.

In a statement, the GRA said the fine comes after Singapore’s two casino operators, RWS and Marina Bay Sands, were directed in 2020 to conduct a review of certain patrons’ activities, with RWS subsequently reporting non-compliance for some transactions.

As a result, GRA conducted further investigations which revealed that between December 2016 and December 2019, RWS had failed to perform prescribed customer due diligence checks for certain transactions where RWS’s employees collected cash of SG$5,000 (US$3,730) or more from third parties for purposes of depositing into the accounts of RWS patrons1.

When accepting these cash deposits, RWS had failed to establish the identity of the third-party depositors, did not record the requisite identifying information and did not verify these identities using reliable and independent sources as required under the PMLTF (Prevention of Money Laundering and Terrorism Financing Regulations), GRA said

It added that, while whole RWS had a PMLTF framework and controls in place, there were “systemic failures” in certain controls, resulting in failure to detect the non-compliances.

“When the non-compliances were detected, RWS took prompt action to improve its processes and engaged an independent party to review their standard operating procedures. RWS has also undertaken a review of its corporate culture, with a view to strengthening its internal controls and corporate governance,” GRA said.

An employee involved in the breaches has had their special license – one granted to individuals who work in casino-related functions or make decisions on casino operations – cancelled and further investigations into the potential culpability of other employees is ongoing.

“GRA takes a serious view of such lapses and will not hesitate to take disciplinary action against errant casino operators,” the regulator said. “GRA will continue to exercise tight supervision over the operators’ compliance with our regulatory requirements.”

In response, RWS noted there was “no evidence of criminal offences nor money laundering and, hence, no police reports were made.

“We take our compliance obligations very seriously. Upon discovery of the lapses in 2020, RWS promptly made a report to the GRA and fully cooperated with the GRA investigations which followed,” the operator explained. “RWS has since taken remedial actions which included implementing technology enhancements to processes and intensifying employee training.

“We are committed to upholding high regulatory compliance standards and continue to collaborate closely with the GRA to strengthen the effectiveness of our processes, controls and training and ensure that our businesses and operations are consistently conducted in compliance with relevant laws and regulations.

“The financial penalty imposed by the GRA will not have any material impact on the consolidated net tangible assets and earnings per share of the Group for the financial year ending 31 December 2023.”

RelatedPosts

10 Years Ago – Unleashing the wave

10 Years Ago – Unleashing the wave

Sat 29 Mar 2025 at 09:49
FIBA 3×3 Asia Cup 2025: Singapore hosts region’s biggest tournament

FIBA 3×3 Asia Cup 2025: Singapore hosts region’s biggest tournament

Thu 27 Mar 2025 at 05:52
Resorts World Sentosa’s waterfront expansion to transform Singapore skyline with “iconic” 88-meter tall light sculpture

Resorts World Sentosa’s waterfront expansion to transform Singapore skyline with “iconic” 88-meter tall light sculpture

Tue 25 Mar 2025 at 05:38
Marina Bay Sands said to be seeking US$9 billion loan facility for expansion, largest in Singapore history

Marina Bay Sands clears other debt after securing US$9 billion loan

Tue 4 Mar 2025 at 04:49
Load More
Tags: ComplianceFineGambling Regulatory AuthorityGenting SingaporeResorts World SentosaSingapore
Share21Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English