FATF Highlights Singapore’s Strict AML Oversight of Casino Industry

FATF Praises Singapore’s Casino Compliance Framework

The FATF assessment formed part of the organization’s global peer-review process evaluating jurisdictions on compliance with international AML and counter-terrorism financing standards.

The review examined Singapore’s broader effectiveness in combating money laundering, terrorist financing, and proliferation financing, based on information gathered during an on-site visit conducted in July 2025 alongside off-site assessments.

Within the gambling sector, the report focused heavily on the supervision of Singapore’s casino duopoly:

• Genting Singapore-operated Resorts World Sentosa
• Las Vegas Sands-operated Marina Bay Sands

According to FATF, the GRA applies a “consistent and rigorous supervisory approach” to both operators due to their similar customer profiles and exposure to financial crime risks.

Gambling Regulator Conducted Intensive Monitoring

On-Site Examinations and Data Reviews Strengthened Oversight

The report stated that the GRA relies on both on-site and off-site supervisory tools to oversee AML and counter-financing obligations within the casino sector.

“It uses a mix of on-site and off-site tools, including examinations, review of internal audit reports and data submissions,” FATF noted.

The regulator reportedly carried out focused examinations during each three-year casino licence cycle, reviewing areas such as:

• Customer due diligence (CDD)
• Ongoing transaction monitoring
• Suspicious transaction reporting (STR)
• Internal AML/CFT controls

From 2020 to 2024, the GRA conducted 16 examinations involving Singapore’s two casino operators.

The watchdog also emphasized that regulatory findings were followed by formal reports identifying deficiencies and recommending corrective measures to strengthen compliance systems.

Financial Penalties Issued to Casino Operators

Six Monetary Sanctions Totaled Nearly US$2.1 Million

During the review period, Singapore’s gambling regulator issued:

• Nine warning letters
• Six financial penalties totaling approximately SGD2.7 million (US$2.1 million)

The sanctions related to breaches involving AML and counter-terrorism financing controls, although FATF did not disclose specific details regarding the violations.

The report indicated that regulatory pressure had contributed to stronger compliance standards within the sector.

“Interviewed casino operators expressed [the view] that GRA’s intensive supervision has brought pressure and resulted into a stronger compliance culture,” FATF stated.

The watchdog added that casino operators had engaged external consultants to review and improve their AML and CFT frameworks following regulatory actions.

Customer Due Diligence Measures Deemed “Robust”

Casinos Required to Verify Transactions Above SGD4,000

FATF concluded that Singapore’s casino operators maintain “robust” customer due diligence and monitoring procedures aligned with the risks associated with the gaming industry.

Under Singapore’s regulatory framework, casinos must conduct identity verification and beneficial ownership checks before establishing patron accounts or processing transactions exceeding SGD4,000 (approximately US$3,000).

The report also highlighted the use of ongoing monitoring systems that evaluate:

• Patrons’ income and occupational profiles
• Third-party financial relationships
• Consistency between gaming activity and known financial behavior

These controls are intended to ensure that gambling funds originate from lawful sources and to identify suspicious transactional patterns.

FATF Calls for Continued Improvements

Although FATF described Singapore’s overall financial crime prevention framework as “competent and coordinated,” the organization recommended additional measures to be implemented within the next three years.

Among the priorities identified were:

• Expanding investigations into complex high-value money laundering cases
• Strengthening proliferation financing risk mitigation measures
• Enhancing oversight involving representative offices of foreign flag states

Despite these recommendations, the report positions Singapore as one of the strongest-regulated casino jurisdictions in Asia-Pacific from an AML compliance perspective, reinforcing the city-state’s reputation for strict regulatory governance within the global gaming industry.