Singapore Considers Tightening Money Laundering Regulations Further

The Singapore government are considering tightening money laundering regulations for casinos there. According to reports the Casino Regulatory Authority (CRA) are looking at reducing the threshold for reporting of cash transactions from currently $5,000 to $3,000.

This new potential reduction comes on the heels of the already reduced transaction restriction that was originally set at $10,000 down to the current $5,000 limit.

The government cited that at present the global standard by the anti-money laundering watchdog Financial Action Task Force (FATF) for reporting cash transactions stands at $3,000, Bloomberg reported that in a communication with the CRA it said, “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.”

Those operators who will be affected are Genting Casinos and Las Vegas Sands who have both recently had their operating licenses extended till 2030.

The post Singapore Considers Tightening Money Laundering Regulations Further appeared first on iGaming Post.

By: Staff
Title: Singapore Considers Tightening Money Laundering Regulations Further
Sourced From: gaming-awards.com/NEWS/singapore-considers-tightening-money-laundering-regulations-further/
Published Date: Mon, 08 Jun 2020 07:28:42 +0000