On December 30, 2023, the Gaming Regulation Authority (GRA) of Singapore penalized Resorts World at Sentosa with a USD1.68 million fine for its failure to conduct customer due diligence (CDD) checks as required under the Casino Control Act of 2006 (CCA) and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations of 2009.

To read in detail, click here https://www.fcctimes.com/2023/12/08/gra-imposes-s2-25-million-fine-on-rws-for-breach-of-due-diligence-unveiling-systemic-failures-in-cash-transactions-oversight/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash12Dec

Between December 2016 and December 2019, the GRA conducted a review of Resorts World at Sentosa, revealing instances of non-compliance, including:

• Failure to perform customer due diligence checks for specific transactions where RWS employees collected cash of USD3,727 or more from third parties for depositing into the accounts of RWS patrons.
• Non-recording of requisite identifying information.
• Failure to establish the identity of third-party depositors.
• Lack of identity verification using reliable and independent sources, as required under the PMLTF Regulation