Singapore Tightens Casino Rules to Combat Terrorism Financing

Singapore announces stricter due diligence checks on cash deposits at casinos to counter terrorism financing. The new threshold is lowered to SGD 4,000 from SGD 5,000. The measures are part of Singapore's updated National Strategy for Countering the Financing of Terrorism, aligning with international FATF standards.

Singapore is tightening its regulations on casinos by enforcing more rigorous due diligence checks for cash deposits to counter terrorism financing, according to an announcement made by the country's gambling regulatory body on Monday.

Starting this year, casinos will be required to perform due diligence checks on cash deposits of SGD 4,000 (USD 2,950) or more, down from the previous threshold of SGD 5,000. These updates are part of Singapore's comprehensive National Strategy for Countering the Financing of Terrorism, jointly published by the Ministry of Home Affairs, the Ministry of Finance, and the Monetary Authority of Singapore.

''The adjustment aims to help Singaporean casinos better combat money laundering and terrorism financing, aligning our requirements with international FATF standards,'' stated the Gambling Regulatory Authority. The Financial Action Task Force (FATF) is a global body focused on monitoring and preventing money laundering and terrorism financing.

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