Singapore mulls tighter due diligence processes for casino patrons in a bid to prevent its gambling facilities from being used to mask money laundering and for financing terrorism.
The Singapore Casino Regulatory Authority has previously asked the city-state’s two licensed casino operators to set a threshold for the transactions that are subject to due diligence at S$5,000 (approx. $3,500).
Singapore’s Ministry of Home Affairs and the city-state’s casino regulator are reviewing the legislative thresholds set in the Casino Control Act and are discussing the possibility to lower these thresholds even further so they fully comply with global standards.
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