Macau's Casino Suspicious Activity Reports skyrocket by 90%
Casinos in Macau submitted a staggering 89.1% more suspicious transaction reports (STRs) in the first quarter of 2024 than in the same period a year ago, revealed data from its Financial Intelligence Office. This increase reflects both a surge in overall transactions and tighter regulatory control in the gambling hub.
STRs are triggered by red flags such as customers exchanging chips without any or minimal gaming activity or conversions for third parties. Casinos must also file large-amount transaction reports (LTRs) for transactions exceeding the MOP500,000 threshold.
In Q1 of 2024, casinos reported 1,125 STRs, contrasting with 595 in the first quarter of 2023. The previous year, there were 3,431 STRs filed, a 80% increase from 2019 (the pre-pandemic year).
China's influence on Macau has, for a long time, strived to clean up its casino industry. Gambling is forbidden in mainland China, and Beijing has frequently accused Macau's casinos - particularly its junket operators - of encouraging capital flight and money laundering. It's estimated that $202 billion in dubious funds passed through Macau every year, as per a 2013 report by the Chinese Communist Party's Congressional-Executive Commission.
President Xi Jinping expressed aspirations during a 2014 trip to Macau to improve the regulation of its gaming industry more robustly.
The 2022 casino relicensing process, the first since Macau allowed international operators two decades back, was an opportunity for Beijing to rewrite the rules, rein in the junkets, and introduce new financial regulations for casinos.
Macau's reliance on casualty-driven capitalism prompts Beijing to urge it to diversify its economy. It aims to transform the region into a financial center, although it's far from challenging Hong Kong in this regard.
The British government's exam of overseas business risk declared that anti-money laundering compliance had enhanced in Macau across the last decade, but it added that "the money laundering risks within the gaming sector continue to be of significant concern."
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Source: www.casino.org
