Casinos in Singapore will soon face tighter rules on conducting due diligence checks when receiving cash as part of updated measures to counter terrorism financing, the country's gambling regulatory body said on Monday.
Due diligence checks will have to be carried out when casinos receive a cash deposit of SGD 4,000 (USD 2,950) or more into a customer's account - down from the current threshold of SGD 5,000.
The new threshold for due diligence checks was among the measures laid out in Singapore's updated National Strategy for Countering the Financing of Terrorism, jointly published on Monday by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS).
"The adjustment is made so that Singapore casinos can better combat money laundering and terrorism financing and align our requirements with FATF standards," the Gambling Regulatory Authority (GRA) said.
The Financial Action Task Force (FATF) is a global money laundering and ...
