Resorts World Sentosa was fined S$2.3 million by Singapore's regulator.

Resorts World Sentosa (RWS) has been fined S$2.25 million (US$1.7 million) by the Singapore Gambling Regulatory Authority (GRA) for failing to perform due diligence checks on cash transactions.

GRA revealed that RWS did not conduct prescribed customer due diligence checks between December 2016 and December 2019 when collecting cash of $5,000 or more from third parties for depositing into patrons' accounts.

This failure to establish identities and follow regulations led to the imposed fine for non-compliance with Singapore laws.

 

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The recent fine imposed on Resorts World Sentosa (RWS) by the Singapore Gambling Regulatory Authority (GRA) for failing to perform due diligence checks on cash transactions is a significant development in the gambling industry in Singapore.

The GRA's decision to fine RWS S$2.25 million (US$1.7 million) emphasizes the importance of strict compliance with regulations aimed at preventing money laundering and illicit activities in the gambling sector. By not conducting prescribed customer due diligence checks on cash transactions of $5,000 or more from third parties, RWS failed to establish the identities of the individuals involved and did not follow the necessary protocols to mitigate potential risks.

The period specified by GRA, from December 2016 to December 2019, implies that this was an ongoing issue for RWS. This extended period of non-compliance likely contributed to the severity of the imposed fine. It also suggests that RWS did not address the problem promptly or implement suitable measures to rectify their compliance shortcomings.

The GRA's decision to enforce such penalties serves as a deterrent to other gambling establishments in Singapore and sends a clear message that the regulator will not tolerate non-compliance with the country's gambling laws. It is essential for all gambling operators to adhere to strict regulations and perform their due diligence checks diligently to maintain the integrity and security of the industry.

This incident also underscores the importance of robust anti-money laundering measures and the critical role that regulators play in monitoring and enforcing compliance within the gambling sector. Money laundering poses significant risks, including the potential funding of criminal activities, which could harm both the industry and society at large.

As the fine has been levied, it is expected that RWS will take immediate action to rectify its compliance shortcomings and implement measures to prevent similar infractions in the future. Furthermore, it is crucial for RWS to regain the trust of both Singapore's gambling regulator and the public by demonstrating a commitment to fully complying with the prescribed regulations.

The GRA's decision to impose such a substantial fine on RWS also serves as a reminder for other gambling operators to ensure that they have robust compliance systems in place. It is imperative that they diligently conduct due diligence checks on cash transactions, comply with regulations, and actively engage in robust anti-money laundering efforts. By doing so, operators can protect the integrity of the industry, maintain public trust, and contribute to the overall security and stability of the country's gambling landscape.