Singapore: casinos to exchange private customer data to fight money laundering

Garance Limouzy August 7, 2024

Share it :

Singapore: casinos to exchange private customer data to fight money laundering

In Singapore, proposed amendments may require the country’s two integrated resorts to share personal customer data as a way to improve ongoing efforts against money laundering.

On August 6, several amendments to the Casino Control Act were introduced in parliament. Under the new provisions, Marina Bay Sands, operated by Las Vegas Sands Corp, and Resorts World Sentosa, run by Genting Singapore Ltd, will be allowed to share patron data without obtaining individual consent. The Ministry of Home Affairs stated that this change will “allow the casino operators to take quicker action on their end.”

“Operationally inefficient”

Currently, sharing patron data between these operators is restricted by the Personal Data Protection Act, which requires explicit client consent. Although the Gambling Regulatory Authority (GRA) facilitates this data exchange, it has been described as “operationally inefficient,” which hampers timely responses by the casinos.

“Such information sharing might be necessary for casino operators to assess money laundering, terrorism financing, and proliferation financing risks associated with the patron,” the Ministry explained. “Today, GRA facilitates the exchange of such information between the casino operators, but this is operationally inefficient and impedes casino operators from taking timely action.”
“To address this, the Bill amends the CCA to allow and require the casino operators to share information of patrons with each other, for the purposes of tackling money laundering, terrorism financing, and proliferation financing,” the Ministry added.

Due diligence threshold

Recently, the Gambling Regulatory Authority reduced the threshold for conducting due diligence checks on cash deposits, also as a way to fight money laundering and terrorism financing. Singapore casinos must now perform due diligence on cash deposits of $3,000 or more, down from the previous $3,750 threshold. This change aligns Singapore’s regulations with global standards set by the Financial Action Task Force (FATF).