Resorts World Sentosa Slapped With $1.7M Fine for Regulatory Shortcomings
Resorts World Sentosa inwards Singapore has been fined S$2.25 meg (US$1.67 million) for regulatory shortcomings related to the structured resort casino’s anti-money laundering processes.
Singapore’s Gambling Regulatory Authority (GRA) proclaimed the financial penalty utmost week against Resorts World, i of deuce casinos in the city-state’s gaming duopoly. The cassino regulator said the fine is for the casino’s nonstarter to execute customer due diligence checks on patrons’ gaming activities.
GRA officials explained Resorts World Sentosa self-reported noncompliance after the gaming regulatory organic structure ordered the cassino and Marina Bay Sands to conduct reviews of their financial reporting procedures. The Resorts World reexamine revealed compliance breaches of the country’s Casino Control Act 2006 and the Casino Control Prevention of Money Laundering and Terrorism Financing (PMLTF) Regulations 2009.
A subsequent investigation carried out by GRA investigators found several issues. Between Dec 2016 and December 2019, RWS allegedly failed to execute client due industriousness checks when depositors placed S$5,000 (US$3,722) or to a greater extent into accounts held by Resorts World Sentosa patrons.
Know Your Customer Breakdown
A statement on the Resorts World Sentosa fine from the GRA explained that thither were “systemic failures” inward the casino’s financial reporting. Singapore’s Casino Control PMLTF Regulations require its two casinos to dungeon elaborated records on individuals who pretend S$5,000 or more deposits inward a single transaction.
Those records are to include the identicalness of the mortal making the deposit, verification of the depositor’s claimed identity, and the type of instrumentate past which the deposition is made — cash in or inward gaming chips. The epithet and special employee licence keep down of the authorised worker who carried out the dealings are to accompany the bookkeeping.
When accepting these cash deposits, RWS had failed to constitute the individuality of the third-party depositors. RWS did not book the requisite identifying information, nor did it verify these identities using dependable and independent sources as required below the PMLTF Regulations,” the GRA liberate read.
The GRA financial statement added that the anti-money laundering and terrorism financing regulatory breakdowns resulted inward the ending of an RWS staffer and their special employee license. The authorities bureau is conducting further investigations to assess the culpability of other special employees.
In a statement, Resorts World said thither is “no evidence” that the financial reporting mishaps were linked to malefactor activity.
“RWS has since taken remedial actions, which included implementing technology enhancements to processes and intensifying employee training,” a Resorts World account provided to Inside Asian Gaming read.
Slap on the Wrist
The GRA’s S$2.25 meg fine won’t impact Resorts World Sentosa’s merchantman line inward the last billet of 2023. Genting Singapore, the parent companion of the integrated resort, reported third-quarter revenue of about $S689.9 jillion (US$513.6 million), with virtually 67% realized on the casino floor.
Resorts World Sentosa features near 2,400 one-armed bandit machines and 500 tabular array games. The holiday resort has 1,600 hotel rooms facing pages crossways v hotel brands. The prop is inward the thick of a $5 billion overhaul and expansion, resulting in new attractions, such as the Singapore Island Oceanarium and a unexampled waterfront hotel.
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