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The Gambling Regulatory Authority (GRA) in Singapore has fined Resorts World Sentosa (RWS) S$2.25 million (approximately $1.67 million/€1.55 million) for violations of the Casino Control Act 2006 and the Casino Control Regulations 2009, specifically related to anti-money laundering (AML) and the prevention of terrorist financing. The GRA found that RWS failed to conduct appropriate customer due diligence checks between December 2016 and December 2019, including instances where employees neglected correct protocols when accepting sums of S$5,000 or more from third parties deposited into RWS customers' accounts.
The breaches were uncovered during a review initiated by RWS after the GRA requested assessments of specific customers' activities. The review revealed that staff at the casino did not verify the identity of third parties involved, as required by AML and terrorist financing regulations. Although RWS had the necessary framework and protocols in place, the GRA noted that these were not consistently followed. However, the authority acknowledged that RWS promptly took corrective action to enhance its processes and announced plans to conduct a review of its corporate culture to strengthen internal controls and corporate governance measures.
As a result of the investigation, the GRA imposed a fine on RWS and canceled the special employee license for one individual involved in the breaches. Further investigations will be conducted to assess the culpability of any additional employees implicated.
This marks the third fine for RWS in the past year, as detailed in the GRA's annual report for 2022-23. The previous breaches were related to due diligence measures, resulting in fines of SG$20,000 and SG$75,000 for separate instances of non-compliance.
In 2023, global gambling regulators have issued a total of $435,823,523 (€405,060,729/£347,280,831) in fines and penalties, reflecting a significant increase of 42.17% compared to the total figure for 2022.
By fLEXI tEAM
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