Singapore’s Gambling Regulatory Authority (GRA) has fined Resorts World at Sentosa Pte. Ltd. (RWS) a total of S$2.25 million for failing to conduct customer due diligence checks required by the Casino Control Act 2006 and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009.

The GRA’s penalties come after a directive issued in 2020, ordering RWS and Marina Bay Sands Pte. Ltd. to review certain patrons’ activities. RWS discovered non-compliances with certain transactions and reported them to the GRA. Further investigations revealed that from December 2016 to December 2019, RWS did not conduct the necessary customer due diligence checks for cash deposits of S$5,000 or more made by third parties into patrons’ accounts.

Despite having a Prevention of Money Laundering and Terrorism Financing (PMLTF) framework in place, RWS experienced systemic failures in certain controls, leading to the oversight of non-compliances. RWS has since taken action to improve its processes, including seeking an independent review of its procedures and conducting a thorough review of its corporate culture to strengthen internal controls and governance. The GRA has also revoked the special employee license of one individual involved and is conducting further investigations into other employees implicated in the lapses.

In a positive development, RWS experienced significant financial growth in Quarter 3, 2023, with a 31% quarter-on-quarter increase in adjusted EBITDA to SG$350.4 million (US$257 million). This growth is a result of the revival of travel and tourism in Singapore, indicating a promising trend for the popular destination.

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