Singapore will soon enforce stricter reporting requirements on casino cash transactions, the Gambling Regulatory Authority (GRA) announced Monday, as part of broader efforts to combat money laundering and terrorism financing.
Under the new rules, due diligence checks will be required for cash deposits of S$4,000 (US$3,000), down from the current threshold of S$5,000 (US$3,600). This is notably more stringent than U.S. casinos, where reports are only triggered for cash transactions of US$10,000 or more.
The city-state hosts two major integrated casino resorts — Marina Bay Sands and Resorts World Sentosa — which together make up Asia’s second-largest gaming market after Macau.
In December 2023, Resorts World Sentosa was fined S$2.25 million (US$1.7 million) for failing to properly scrutinize transactions exceeding S$5,000 — the largest penalty ever issued by the GRA.
Meeting Global Standards
The new measures align Singapore with the standards set by the Financial Action Task Force (FATF), a global body focused on preventing money laundering and terrorist financing. These rules are part of an updated National Strategy for Countering the Financing of Terrorism, also released Monday.
Singapore’s open economy and status as a major financial and transportation hub make it vulnerable to illicit financial flows. The report highlights threats from jihadist groups like ISIS, al-Qaeda, and Jemaah Islamiah, along with self-radicalized individuals and the growing concern of far-right extremism.
Rare Attacks, Rising Risks
While actual terror attacks in Singapore are rare, authorities have foiled several plots. In 2021, a radicalized 21-year-old serviceman was arrested for planning an attack on a synagogue. That same year, a far-right extremist plot targeting a mosque was also stopped.
But the biggest shock came from a 2023 case involving a massive money laundering operation by Chinese nationals, who moved over US$2.2 billion through Singapore banks.
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