Resorts World Sentosa fined US$1.7 million for regulatory flaws
Resorts World Sentosa in Singapore has been fined S$2.25 million ($1.67 million) over regulatory shortcomings in the integrated resort casino's anti-money laundering procedures.
The Gaming Regulatory Authority (GRA) last week announced the fine against Resorts World, one of two casinos in Singapore's gaming duopoly. The casino regulator said the fine resulted from the casino's failure to conduct customer due diligence on its customers' gambling activities.
GRA officials explained self-reported irregularities at Resorts World Sentosa after the gambling regulator ordered Resorts World Sentosa and Marina Bay Sands to conduct a review of their financial reporting procedures. Resorts World's review found that the company violated the country's Casino Control Act 2006 and the Casino Control Prevention of Money Laundering and Terrorism Financing (PMLTF) Regulations 2009.
A subsequent investigation by GRA investigators uncovered several issues. Resorts World Sentosa allegedly failed to exercise due diligence when depositors deposited S$5,000 (US$3,722) or more into their accounts between December 2016 and December 2019. investigation.
Understand your customer segments
A statement from the GRA in response to the fine from Resorts World Sentosa said there were "systemic errors" in the casino's financial reporting. Singapore Casino Control PMLTF regulations require both casinos to keep detailed records of individuals who deposit S$5,000 or more in a single transaction.
These records include the identity of the depositor, verification of the depositor's purported identity, and the type of instrument used for the deposit (cash or gaming chips). Accounting statements must be accompanied by the name and applicable employee license number of the authorized employee who completed the transaction.
In accepting these cash deposits, Resorts World Sentosa is unable to determine the identity of the third party depositor. RWS neither recorded the required identification information nor verified those identities using reliable and independent sources as required by PMLTF regulations,” the GRA press release said.
A GRA statement added that an employee of Resorts World Sentosa and his special employee license were dismissed due to breaches of anti-money laundering and counter-terrorism financing regulations. Government agencies are conducting further investigations to determine the culpability of other special employees.
Resorts World said in a statement that there was "no evidence" that the financial reporting incident was related to criminal activity.
"Resorts World Sentosa has taken remedial measures, including implementing technical improvements to processes and enhancing staff training," Resorts World said in a statement to Inside Asian Gaming.
Slap on the wrist
The S$2.25 million fine levied by the GRA will not affect Resorts World Sentosa's profit in the final quarter of 2023. The integrated resort's parent company, Genting Singapore, reported third-quarter revenue of about S$689.9 million ($513.6 million). , about 67% of which were achieved on the casino floor.
Resorts World Sentosa has about 2,400 slot machines and 500 gaming tables. The resort has 1,600 hotel rooms spread across five hotel brands. The hotel is undergoing a $5 billion renovation and expansion that will include new attractions including the Singapore Aquarium and a new beachfront hotel.
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Source: www.casino.org
