SINGAPORE (Bloomberg) -- Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority.
The regulator earlier halved the legislative threshold for the amount of cash transactions at casinos that are subject regulatory review to S$5,000 (US$3,588), a CRA spokesperson said in an emailed response to Bloomberg queries.
That’s still higher than the global standard of US$3,000 set by global anti-money-laundering watchdog Financial Action Task Force, according to the CRA.
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