The operator of the Resorts World Sentosa casino resort in Singapore has been fined for regulatory breaches in the 2022/23 reporting period, according to the first annual report of Singapore’s Gambling Regulatory Authority (GRA).
Resorts World at Sentosa Pte Ltd was fined twice, for a total of SGD95,000 (about US$69,400), according to the report, published on Tuesday. The operating entity is controlled by Genting Singapore Ltd.
The two fines – set at SGD20,000 and SGD75,000 respectively – were for breaches of the country’s Casino Control (Prevention of Money Laundering and Terrorism Financing) Regulations 2009, that cover matters including anti-money laundering procedures, and were respectively for “failure to perform customer due diligence measures” and “failure to perform enhanced customer due diligence measures”.
The information was contained in the GRA’s annual report, following the August 2022 rejig that saw the new body taking on the work of the former Casino Regulatory Authority and adding some new responsibilities.
No further detail about either infraction was provided in the report.
Singapore is home to a casino resort duopoly: Resorts World Sentosa, operated by a unit of Genting Singapore; and Marina Bay Sands, run by a unit of Las Vegas Sands Corp.
In the previous year, Resorts World Sentosa had also been fined in two instances – with fines set at SGD50,000 and SGD150,000 respectively – for “failure to perform customer due diligence measures”. At the time, the firm received a third fine, for a breach of the Casino Control (Internal Controls) Regulations 2013, namely for “failure to implement a system of internal controls approved by the Authority”.
In a foreword included in the report, GRA chairman Tan Tee How said that the body would “further strengthen” its “use of data analytics and harness its data to gain meaningful insights and drive effective regulatory measures, such as in the detection of possible non-compliances and anomalies in the operations of our regulated entities.”
GRA chief executive Teo Chun Ching stated, in a message also included in the annual report, that the regulator should “remain aware of the challenges and opportunities that lie ahead”.
He added: “The gambling landscape will continue to evolve, and we must stay vigilant and responsive to emerging trends and technological advancements.”
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