Genting Singapore’s
The transactions for which there were lapses in customer due diligence measures occurred between December 2016 and December 2019. In these instances, there was no evidence of criminal offences nor money laundering, says the company.
RWS had previously been penalised a total of $95,000 by GRA between April 2022 and March 2023 for similar lapses in customer due diligence measures.
“We take our compliance obligations very seriously. Upon discovery of the lapses in 2020, RWS promptly made a report to GRA and fully cooperated with the GRA investigations which followed,” says Genting Singapore
The company says that RWS has since taken remedial actions which included implementing technology enhancements to processes and intensifying employee training. “We are committed to upholding high regulatory compliance standards and continue to collaborate closely with GRA to strengthen the effectiveness of our processes, controls and training and ensure that our businesses and operations are consistently conducted in compliance with relevant laws and regulations.”
Genting Singapore says the financial penalty imposed by GRA will not have any material impact on the consolidated net tangible assets (NTA) and earnings per share (EPS) of the group for the FY2023 ending Dec 31.
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Shares in Genting Singapore closed 2.5 cents higher or 2.62% up at 98 cents on Dec 8.
