Singapore is set to implement significant changes to its casino regulations aimed at strengthening anti-money laundering (AML) and combatting the financing of terrorism (CFT) measures. The updates include lowering the threshold for customer due diligence checks and introducing new scrutiny for weapons finance. These measures will ensure that Singapore’s casino sector aligns with international standards set by the Financial Action Task Force (FATF).

Lowering the Due Diligence Threshold

The Gambling Regulatory Authority (GRA) of Singapore has announced a reduction in the cash deposit amount that triggers customer due diligence checks. Currently, this threshold is set at SGD5,000 (approximately USD3,685). However, the new regulations will lower this amount to SGD4,000 (approximately USD2,950). This change is expected to be implemented within the year, although the exact date has yet to be specified.

According to the updated Money Laundering National Risk Assessment, this reduction aims to enhance the casino sector’s AML/CFT regime. T. Raja Kumar, former president of the FATF and the inaugural chief executive of the Casino Regulatory Authority, emphasized the importance of aligning Singapore’s regulations with international standards.

Introduction of Weapons Finance Scrutiny

In addition to lowering the due diligence threshold, Singapore is also introducing new measures to address proliferation financing. This term, defined by the FATF, refers to funds or financial services used for nuclear, chemical, or biological weapons in violation of national laws or international obligations.

The proposed Anti-Money Laundering and Other Matters Bill, currently under review by Singapore’s parliament, includes provisions to tighten casino operators’ requirements for due diligence on the source of player funds. The bill will mandate that casino operators consider proliferation financing risks during customer due diligence checks. The Gambling Regulatory Authority of Singapore will be empowered to issue regulations to detect or prevent proliferation financing.

Enhanced Monitoring and Compliance

The Ministry of Home Affairs noted that the new regulations would require casino operators to conduct due diligence on patrons for any single cash transaction involving SGD10,000 (approximately USD7,371) or more, or when receiving SGD4,000 (approximately USD2,950) or more in a single transaction for deposit into a customer account.

Despite the moderately high risk of money laundering in Singapore’s casinos, the Money Laundering Risk Assessment Report Singapore 2024 reported no direct complicity by casinos in money laundering activities. However, there have been cases of third-party money laundering facilitated by casinos. One case involved an alleged conspiracy to cheat vessel owners of undelivered fuel, with proceeds amounting to about SGD1.9 million used to purchase casino chips.

Easing the Burden of Proof

The Anti-Money Laundering and Other Matters Bill also aims to ease the burden of proof in money laundering prosecutions. The amendment to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act will mean that prosecutors no longer need to show a direct link between criminal conduct and laundered money. It will be sufficient to prove that the money launderer knew or had reasonable grounds to believe they were dealing with criminal proceeds.

This change is designed to facilitate the prosecution of money mules, especially in cases where laundered money has passed through multiple bank accounts and intermediaries in foreign jurisdictions before entering Singapore.

Conclusion

Singapore’s enhanced regulations represent a significant step towards strengthening its AML/CFT regime within the casino sector. Singapore is aligning itself more closely with international standards by lowering due diligence thresholds and introducing new measures to combat proliferation financing. These changes underscore the city-state’s commitment to maintaining a robust and effective regulatory framework to combat financial crimes.

Sources:

Weapons finance scrutiny to be part of Singapore casino AML, ggrasia.com, July 1, 2024.

Singapore to cut casino diligence trigger to US$2,950: media, ggrasia.com, July 3, 2024.

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Marking a groundbreaking move toward Thailand’s trials to address the highly-debated topic of gambling legalization, the Finance Ministry will take the lead on an important study exploring the potential legalization of casino gaming. 

16 Additional Agencies to Consider the Study

As ordered by way of an “urgent letter” sent by the Secretariat of the Cabinet at the start of the week, the Finance Ministry will thoroughly examine the House of Representatives study alongside 16 other agencies, which it will also lead. 

The list will include the National Economic and Social Development Council, the Office of the Council of State, the Royal Thai Police, and the National Office of Buddhism.

Several ministries will also be consulted, including Social Development and Human Security, Tourism and Sports, Justice, Agriculture and Cooperatives, Higher Education Science Research and Innovation, Transport, Culture, Labour, Public Health, Industry, and Education.

According to English-language outlet The Nation, the Secretariat of the Cabinet gave the Ministry 30 days to send its recommendations.

IAG reports say that the casino study received approval from the cabinet a week ago after the House passed it at the end of March. 

Recommended 17% Tax on GGR

The casino study advises a 17% tax should be placed on gross gaming revenue. This would turn it into one of the lowest tax regimes in the area. 

Licenses would be valid for 20 years at first, with the possibility to renew them every five years. 

Locals would need to pay an entry levy of an amount that has yet to be determined. 

Larger casino complexes would require minimum investments of $2.7 billion.

Last week, when the cabinet endorsed the study, it also recommended a series of joint investments between private operators and the Thai government, similar to Macau’s concession model. 

The cabinet also suggested that integrated resorts should be located near international airports for the comfort of international visitors.

According to a note from Maybank, the country might see its first integrated resort open in 2029. 

This would translate to Thailand legalizing casino gaming before Japan where MGM Resorts International’s $10 billion integrated resort development in Osaka is expected to be completed in 2023.

At the start of April, Thailand announced it blocked over 25,000 online gambling platforms since October 2023, in an ongoing crackdown on unlicensed online gambling. 

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Curaçao’s Minister of Finance, Javier Silvania, defended the decision to provide Rhino Entertainment Group with the region’s first direct license amid LOK-related concerns. Some critiqued the licensing of the company as it precedes the formalization of the territory’s new gambling laws.

For reference, Curaçao is currently discussing the National Ordinance for Games of Chance (LOK), a measure that seeks to improve the gambling industry’s standards through direct licensing and better regulation.

While proponents of the measure have highlighted its benefits, opponents are skeptical of certain points. The Dutch government is also conducting an investigation to see if the LOK complies with an earlier deal.

Because of criticism from parliament members, the Curaçao Bar Association and the Advisory Council behind the legislation, the measure is currently being amended. Silvania himself confirmed that the objections of parliament members have been taken into mind and that the LOK will be adjusted where needed.

As a result, Curaçao MP Steven Croes questioned whether the government should have issued the first direct license before the passage of the new law. He also asked for a copy of the license but couldn’t obtain it because of the sensitive information it contained.

Silvania Says the New License Falls Under the LBH

Despite the criticisms, Silvania stood firm by the ministry’s decision to grant the license, pointing out that it falls under the 1993 Offshore Gambling Ordinance (LBH). The Minister of Finance added that the latter law remains fully applicable unless it is repealed by the national ordinance.

Silvania said that the LOK would provide Curaçao with direct control over the issuing of licenses, allowing the territory to exercise direct supervision. This would allow the Gambling Control Board to carry out the necessary checks and prevent gambling-related fraud.

The LOK, Silvania argues, would increase confidence in Curaçao’s gambling industry by reducing the risks of criminal practices.

For reference, Curaçao previously issued licenses to six master license holders, who would then issue sub-licenses to other companies. However, sub-licensees were impossible to properly regulate. Furthermore, the previous law itself is short, not sufficiently clear and outdated, highlighting the need for a new licensing framework.

Despite that, the future of the LOK remains murky.

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Javier Silvania, Minister of Finance in the government of Curacao, has released a statement in which he condemns what he calls “misinformation” regarding the country’s new gambling law.

The National Ordinance for Games of Chance, a new legislation that will completely overhaul how gambling is regulated in Curacao, was submitted to the country’s Parliament for approval in December 2023. Until the new legislation is approved, Curacao will continue to operate under the existing National Ordinance on Offshore Games of Hazard legislation.

In the statement the Minister of Finance admitted that the National Ordinance for Games of Chance and its submission to Parliament was expected to generate a “wider debate.” However, Javier Silvania was keen on warning against the spreading of misinformation regarding the legislative process.

The Minister of Finance explained that he noticed “a significant amount of misinformation” and strongly urged “against the further propagation of unverified rumors or speculation” regarding the new legislation. “Full and accurate information can only be guaranteed when issued by either the ministry itself or the Curacao Gaming Control Board,” Silvania added.

Current License Issuing Process Remains in Place

The Minister of Finance also expressed his full support for the Curacao Gaming Control Board as it will transition towards the new legislative framework. “To suggest otherwise would be reckless and misleading,” Javier Silvania warned.

Moreover, the Minister of Finance confirmed through the respective statement that the current license issuing process remains in place. According to Javier Silvania that also means that “the Critical Milestones published on 20th December 2023 are likewise unaltered.”

The Critical Milestones document detailed the ministry’s process for transitioning from the current framework to the new one. One of the key dates in the process will be 31 March 2024, because from this date, the registration of sub-licenses on the Gaming Control Board website and the subsequent application for a direct license will no longer be possible. Moreover, no new license extensions or renewals of master licenses will be possible after this date.

The Curacao Gaming Control Board has also renewed all gambling licenses and from 1 January 2024, all license holders were allowed to begin displaying a digital seal on their online casino websites. The application process for operators kicked off on 1 September 2023 through the opening of the online portal, which began accepting account registrations for applicants and sub-licence holders on 1 November 2023.

Source: “Curaçao minister of finance blasts LOK “misinformation”. iGaming Business. January 11, 2024.

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A series of raids were carried out by the Austrian financial police in cooperation with the Salzburg police to crack down on illegal gambling in Salzburg, this month.

The illegal gambling operators were dealt a blow by the confiscation of 76 illegal gaming machines. 

Over the course of the raid, 15 members of the financial police’s Cobra task force worked closely with 20 officers from the local police to deal havoc on the illegal operators who operated undercover. The places the police visited were seven bars that were camouflaged from the outside as different types of businesses, including a nail salon, tanning salon and internet café. 

MORE: REAL MONEY ONLINE CASINOS

The operators could be fined up to €30,000 per unit, though actual fines typically run towards €5,000 on average. 

The police had to forcefully gain entrance into five of the bars, while a locksmith was called on to open the locks on the other two. The individuals who operated the locations had secured all the premises with magnetic locks and had set up video-monitoring equipment both inside and outside. 

In one instance, one of the bars that were raided was located in a basement in which 15 illegal slot machines were found. The operator had placed the establishment right next to an official building and access was via the official car park.

Another operator was described by the Finance Ministry as having acted “particularly boldly”. After the confiscation of nine machines on the first day of the operation, a further nine machines were discovered five days later when the police again visited the bar.

According to the Finance Ministry, the police achieved “a great deal of success” for their actions during the campaign. Meanwhile the Austrian finance minister lauded the success of the campaign while calling for “resolute action by the financial police” which is “of great importance” in tackling organised crime. He also added that henceforward they will “not show any tolerance towards criminals in the future.” 

The crackdown on illegal gaming machines in Salzburg serves as a warning to others who might be involved in such activities. The use of coercive force and locksmiths highlights the seriousness with which the authorities view such activities. The financial police’s resolute action is a clear indication of their commitment to tackling organized crime and the exploitation of gambling addicts.



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Malaysian gaming group owner Genting Berhad, the parent company of globally placed Resorts World casinos, had been trying to build a casino in Miami for about a decade. While the firm was occasionally able to get the preliminary go-ahead on various infrastructure and auxiliary support elements for the project ranging from a marina to a rail system, it never really came close to getting its foot in the door to build the magnificent waterfront casino of its dreams there (image).

The site is situated on the waterfront at Biscayne Bay in the arts and entertainment district across from Miami Beach.

Now, just four months after letting the commercial world know of its plans to offload the roughly 15-acre parcel that was once the home of the Miami Herald, it is being reported that at least five bidders are vying for the land with bids over $1 billion and one clocking in closer to a billion and a half dollars, according to Bloomberg News.

Record-breaking Bid Could be Approved “Within Weeks”

Miami real estate broker Michael Fay has confirmed that a final decision on the purchase could be made within weeks. The high bid would break records for similar parcels.

Fay told Bloomberg: “If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” according to reports.

Genting is seen as a favorite to snatch up one of three full casino licenses to be tendered in downstate New York this year as it already operates a video lottery terminal (VLT) casino in Queens next to the Aqueduct Raceway, New york’s largest “casino” to date. Another license is expected by many observers to go to MGM Resorts for their VLT casino at the former family-owned Yonkers Raceway. A third is up for grabs and could see a mega-resort with Las Vegas-style gambling in any of half a dozen locations ranging from Citi Field to Coney Island, or even Times Square among other potential sites.

Genting would use proceeds from the sale to finance an expansion of its franchise in New York, according to a press release from the company on November 30, 2022, announcing its intention to offload the property.

At the time President of Genting Americas East, Robert DeSalvio commented: “In the coming months, we will be marshaling our resources with the goal of bringing a full commercial casino to our New York City property and expanding our already-tremendous offerings in Las Vegas. We are thrilled about the opportunities to expand in the two most significant gaming markets in North America.”

Genting also owns Resorts World Las Vegas and Resorts World Catskills at Monticello in upstate New York, one of four upstate casinos authorized by voters in a referendum several years ago.

Potential Billion Dollar Windfall

The company purchased the former Miami Herald site in 2011 for $236 million.

The site already has already had multiple feasibility studies as well as progress toward preliminary approvals for augmentations such as a marina and a monorail system connecting it with the city of Miami.

While it’s unclear how much was spent in maintaining and developing potential for the property, the purchase price and sales price represent a potential billion-dollar profit for the company without a single card being dealt or slot spun.

Source: Prime Miami Waterfront Property Attracts Five Bids Topping $1 Billion, Bloomberg, March 24, 2023

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Turnock’s internal promotion follows an immensely successful year for the digital media products and services provider as its award-winning Dev division accomplished several important milestones. Turnock’s experience, leadership skills, and familiarity with Checkd’s internal procedures should translate well into his new position and help him propel the company to new heights.

The New Finance Director Proved His Worth

Sam Turnock joined Checkd in June 2019 after nearly five years as an audit senior at leading independent accountancy firm HURST Accountants. A Master’s Degree in Strategic Planning & Investment at Newcastle university, followed by an ICAEW ACA qualification, gave him a stable foundation to pursue high-profile career opportunities. His appointment at Checkd allowed him to apply his knowledge and familiarize himself with the iGaming industry.

Starting as financial controller at Checkd Media, the company’s social marketing arm, Turnock applied his skills and earned himself the respect of his peers. He was present during the organization’s rapid rise to prominence, and efforts were instrumental in securing its CPA state licenses and ensuring the successful launch of the FlashPicks brand. A goal-oriented mindset and a successful track record make Turnock a natural choice as finance director.

Turnock Takes the Helm During a Dynamic Period for Checkd

Turnock will now head Checkd’s business intelligence area and oversee its finances across the organization’s various arms, brands, and subsidiaries. Checkd Media managing director Alex Beecham congratulated the new finance director on the promotion, lauding his analytical and data-based decision-making skills. According to Beecham, Turnock’s expertise in contract and procurement would prove invaluable in bolstering growth.

Sam fit the bill for us in every regard. His performance since first joining our business four years ago has been exemplary.

Alex Beecham, Checkd Media managing director

Turnock noted that Checkd Group was the strongest it had ever been and was in a perfect position to pursue further expansion. He added that the company’s experienced team was relentlessly working towards accomplishing their long-term goals through the execution of successful business strategies across multiple regions.

I am incredibly proud to be taking on the role of Finance Director at a time when the Group is experiencing such dynamic growth.

Sam Turnock, Checkd Group finance director

Checkd has maintained significant momentum in the last few months thanks to two new high-profile partnerships. In December, the organization teamed up with player acquisition and retention company Xtreme Push, bolstering its customer-facing brands on both sides of the Atlantic. Checkd Media also reached a significant milestone after an agreement to develop a new exclusive horse racing show called The Inside Track for William Hill.

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