Resorts World Sentosa (RWS), one of Singapore’s two casino resorts, has come under fire after the Gambling Regulatory Authority (GRA) of Singapore imposed fines totalling nearly S$2.3 million for lapses in legal and regulatory compliance. The venerable gambling establishment was found to have breached multiple legislations governing its operations, including the Casino Control Act 2006 and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009.
This disciplinary action by the GRA stems from a directive issued in 2022, mandating RWS, along with Marina Bay Sands—Singapore’s other major casino—to undertake a thorough review of certain patrons’ transactional activities. The review undertaken by RWS revealed several inconsistencies that were promptly reported to the regulatory body. These findings triggered an in-depth investigation by the GRA into the casino’s practices.
The results of the GRA’s investigation pointed to a significant lapse in the customer due diligence processes of RWS. Between December 2016 and December 2019, it was found that RWS had not conducted the necessary checks when accepting cash deposits of $5,000 or more from third parties into patron accounts—a clear violation of Singapore’s stringent anti-money laundering laws. GRA’s findings highlighted RWS’s failure to ascertain the identities of these third-party depositors adequately. Additionally, the casino did not maintain required records or verify identities using reliable, independent sources, as stipulated under the regulations.
While acknowledging that RWS had a framework in place to prevent money laundering and terrorism financing, the GRA noted that there were systematic failures in certain internal controls, resulting in these non-compliances going undetected for a considerable period. Once these issues were identified, RWS took swift measures to enhance its processes, engaging an independent entity to review its operational procedures and addressing gaps in its corporate culture. The purpose of these improvements was to reinforce the casino’s internal controls and uphold corporate governance standards.
However, these remedial actions did not prevent the GRA from issuing the substantial fines as a response to the breaches. Moreover, in a move signaling the regulator’s commitment to maintaining strict oversight, the special employee license of one of the individuals implicated in the violations was revoked, with further investigations ongoing to assess the accountability of other employees with special licenses.
In a statement, a spokesperson for the GRA underscored the seriousness with which the authority views such regulatory lapses and its readiness to enforce disciplinary measures against non-compliant casino operators. The GRA vows to persist in its rigorous regulatory oversight to ensure adherence to legal and compliance frameworks.
This news comes in the wake of a major operation by the Singapore Police Force in September, which seized assets exceeding S$2.40 billion linked to illegal online gambling and other organized crime activities. Investigations targeted a syndicate of foreign nationals suspected to be involved in money laundering from offshore criminal endeavors, including scams and unlawful online betting activities. Items confiscated in one of the largest hauls recorded in Singapore included hefty sums held in bank accounts, large amounts of cash, gold bars, luxury goods such as designer bags and watches, as well as cryptocurrencies.
The convergence of these two events places a spotlight on Singapore’s vigilant enforcement climate, emphasizing the nation’s zero-tolerance approach to financial crimes, particularly within its closely regulated casino industry. The fines levied against Resorts World Sentosa serve as a poignant reminder to all entities operating under the scope of Singapore’s gaming and financial laws to comply stringently with established rules and regulations to avoid the risks of punitive action.
