“The Ministry of Home Affairs and CRA are reviewing the legislative thresholds in the Casino Control Act with a view to lowering these thresholds further to fully comply with the FATF Standards,” the CRA said.
(June 8): Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority.
The regulator earlier asked casino operators to set a threshold for the amount of cash transactions that are subject to due diligence at $5,000, a CRA spokesperson said in an emailed response to Bloomberg queries. Singapore’s current legislative thresholds at $10,000 are higher than the global standard of US$3,000 (S$4,178.60) set by global anti-money-laundering watchdog Financial Action Task Force, according to the CRA.
