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Singapore – Resorts World Sentosa fined US$1.67m for due diligence failures

By - 11 December 2023

Resorts World Sentosa has been fined US$1.67m by Singapore’s Gambling Regulatory Authority for failing to carry out customer due diligence checks between December 2016 and December 2019.

GRA’s investigation found ‘systemic failures’ including failure to carry out customer due diligence checks for transactions where RWS’s employees collected cash of US$3,730 to deposit into the accounts of RWS customers

The GRA said: “When the non-compliances were detected, RWS took prompt action to improve its processes and engaged an independent party to review their standard operating procedures. RWS has also undertaken a review of its corporate culture, with a view to strengthening its internal controls and corporate governance. GRA takes a serious view of such lapses and will not hesitate to take disciplinary action against errant casino operators. GRA will continue to exercise tight supervision over the operators’ compliance with our regulatory requirements.”

A spokesperson for RWS said: “There was no evidence of criminal offences nor money laundering and, hence, no police reports were made. We take our compliance obligations very seriously. Upon discovery of the lapses in 2020, RWS promptly made a report to the GRA and fully cooperated with the GRA investigations which followed,” the operator explained. “RWS has since taken remedial actions which included implementing technology enhancements to processes and intensifying employee training.

“We are committed to upholding high regulatory compliance standards and continue to collaborate closely with the GRA to strengthen the effectiveness of our processes, controls and training and ensure that our businesses and operations are consistently conducted in compliance with relevant laws and regulations.

“The financial penalty imposed by the GRA will not have any material impact on the consolidated net tangible assets and earnings per share of the Group for the financial year ending 31 December 2023.”

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