According to the GRA announcement, the company had failed to carry out appropriate customer due diligence checks between December 2016 and December 2019. These included several instances where employees at the casino failed to follow the correct protocols when accepting sums of S$5,000 ($3,720/€3,456) or more from third parties which were deposited into accounts of RWS customers.
Singapore Gambling Authority Fines Resorts World Sentosa for AML FailuresThe GRA also found that while RWS had the required framework and protocols in place to ensure source of funds and third party identities were verified, these were not followed. However, the GRA also noted that RWS took prompt action to improve its processes and will now conduct a review of its corporate culture to ensure that internal controls and corporate governance measures are strengthened.
Singapore Gambling Authority Fines Resorts World Sentosa for AML FailuresThird Fine for RWS in a Year
Singapore Gambling Authority Fines Resorts World Sentosa for AML Failures for 2022-23 listing all regulatory actions taken during the period. Singapore Gambling Authority Fines Resorts World Sentosa for AML Failures Singapore Gambling Authority Fines Resorts World Sentosa for AML Failures Singapore Gambling Authority Fines Resorts World Sentosa for AML Failures. This represents a 42.17% increase on the total figure for 2022.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.