Singapore’s Gambling Regulatory Authority (GRA) announced that it has penalized Resorts World Sentosa (RWS) over due diligence failures. According to the authority, the casino failed to perform the checks outlined in the Casino Control Act 2006 (CCA) and the Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009 (PMLTF Regulations).

Back in 2020, the GRA asked RWS to review the activities of some of its customers. As a result, the operator recorded instances of non-compliance, prompting further investigation by the GRA. The regulator eventually discovered that between December 2016 and December 2019, RWS committed multiple due diligence failures.

The GRA learned that RWS’s employees did not perform checks for certain transactions of over 5,000 Singaporean dollars and did not establish the identity of the third-party depositors, thus violating the PMLTF Regulations.

As a result of its serious violations, the casino resort was handed an S$2.25 million fine (roughly $1.67 million in USD). The GRA has also canceled the special employee license of one of the employees involved in the breaches. The authority is still conducting investigations to determine the culpability of the other special employees involved in the violations.

RWS Will Try to Do Better

The GRA reported that RWS had a PMLTF framework and controls in place. Despite that, systematic failures in certain controls prevented the company from detecting some of the instances of non-compliance.

The authority pointed out that RWS took immediate action to address the non-compliances once they were detected. The regulator also noted that RWS engaged an independent party to review its standard operating procedures. In the meantime, the casino resort has undertaken a review of its corporate culture, aiming to reinforce its internal controls and corporate governance.

The GRA concluded that RWS’s violations are very serious. It reminded operators that it will not hesitate to take disciplinary action against errant casino companies and will continue to exercise “tight supervision” over their compliance matters.

This is in line with Singapore’s recent plans for reinforcing its regulations. In November, the country, which already has strict regulations on gambling, considered stringent cryptocurrency regulations.

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Such recognition highlights the resort’s dedication to fostering a supportive work environment where employees can thrive and contribute to the organization’s success. As the region recovers from the COVID-19 pandemic, Resorts World’s continued investments in its talent pool should help it remain relevant in the ever-changing workforce landscape.

The Resort Ranked among the Best in Multiple Categories

Organized by the country’s Tourism Board, The Singapore Tourism Awards distinguishes the leading individuals and organizations with the best practices in the sector. The ceremony presents up to 30 awards in several categories, representing all facets of Singapore’s diverse tourism and hospitality industry. Winning businesses exemplify the country’s drive to remain among the most popular destinations in the region.

Resorts World Sentosa (RWS) ranked among the top four in Outstanding Achievement in Sustainability and Outstanding Event Venue Experience. The luxury integrated resort also won the Outstanding Employer distinction, owing to its continued commitment to the well-being of its employees. These achievements place Resorts World among the leading venues in the country and an example for the wider industry.

The prestigious award directly results from RWS’ ongoing mission to upskill and re-skill its employees, preparing for Singapore’s ongoing post-pandemic recovery and rebounding tourism sector. In 2022, RWS employees undertook approximately 300,000 hours of training, working closely with industry partners to offer workers valuable job-redesign initiatives and career conversion programs.

Employee Education Is Vital to Continued Success

Resorts World Sentosa’s employee-centric approach should pay significant future dividends, ensuring the resort’s workforce can remain in touch with the latest industry developments like data analytics and robotic process automation. RWS Chief People Officer Lee Shi Ruh expressed confidence that the resort would continue to excel, ready to face the expected influx of new tourists.

This award is a mark of recognition for our strategic approach towards inspiring and nurturing our team members as we chart the path towards our next growth phase.

Lee Shi Ruh, RWS Chief People Officer

The venue’s employee-centric programs are part of a broader effort to cement its position as one of Singapore’s leading integrated resorts. In 2022, RWS announced it would invest $298 million in updating a portion of its attractions and revamping three existing hotels. A recent partnership with LIV Golf Singapore promises to bolster the resort’s appeal, attracting more diverse customers.

Overall, Resorts World Sentosa’s recognition by the Singapore Tourism Board marks it as one of the primary drivers behind the sector’s recovery. Its forward-looking mindset, dedication to offering a world-leading experience, and commitment to employee welfare should help the venue maintain its position as a premier destination in Singapore’s hospitality landscape.

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