Resorts World Sentosa is fined by Singapore's watchdog. $1.7m

Resorts World Sentosa (RWS) in Singapore has received a fine of US$1.7 million from the Gambling Regulatory Authority for lapses in due diligence checks.

The GRA found that RWS failed to perform required due diligence when accepting cash of S$5,000 or more from third parties for deposit into patrons accounts.

The non-compliances were identified during a review prompted by GRA in 2020, leading to further investigations and subsequent penalties for RWS.

 

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It is concerning to hear that Resorts World Sentosa (RWS) in Singapore has been fined $1.7 million by the Gambling Regulatory Authority (GRA) for lapses in due diligence checks. These checks are crucial in maintaining the integrity and transparency of the gambling industry.

The GRA's findings suggest that RWS did not perform the necessary due diligence when accepting cash deposits of S$5,000 or more from third parties into patrons' accounts. This failure to comply with regulations raises questions about the effectiveness of RWS's internal controls and its commitment to preventing money laundering and illicit activities.

It is commendable that the GRA initiated a review in 2020 and conducted further investigations, resulting in the identification of these non-compliances. Such measures are essential to ensure that gambling establishments uphold high standards and fulfill their regulatory obligations.

The severity of the penalty imposed on RWS, amounting to $1.7 million, highlights the GRA's seriousness in enforcing regulatory compliance. This significant fine serves as a deterrent to other operators and reinforces the importance of adhering to due diligence checks.

It remains to be seen how RWS will address these lapses in the future and whether there will be any necessary improvements to prevent similar incidents from occurring. Strengthening due diligence procedures, enhancing training for staff, and implementing robust internal controls should be key considerations for RWS moving forward.

Overall, this case serves as a reminder to gambling operators that they must prioritize due diligence checks and take all necessary measures to prevent financial crimes. The GRA's actions demonstrate their commitment to maintaining a transparent and accountable gambling industry in Singapore.