The gambling Control (Amendment) Act of Singapore was recently enacted by parliament during a second reading and brings significant reforms to the gambling sector. The new rules emphasize cashless gambling and strict anti-money laundering procedures in an effort to modernize operational procedures.
The two largest casinos in Singapore, Resorts World Sentosa (managed by Genting Singapore Ltd.) and Marina Bay Sands (owned by Las Vegas Sands Corp.), will be able to introduce cashless gambling starting in January 2025. The goal of this upgrade is to “future-proof the regime” for gaming laws, which is a larger project. Sun Xueling, the state minister for both home affairs and social and family development, highlighted the need to improve the regulatory framework while upholding strict security and integrity standards.
She said, “no intention of allowing cryptocurrency to be used as chips for casino gambling, as this presents money laundering risk.” She further added, “at either the gaming tables or gaming machines by drawing down virtual credits directly from his cashless gaming account or e-wallet.”
Regulatory Adjustments and Technological Integration
Under the new legislation, the Gambling Regulatory Authority (GRA) will have the authority to approve gaming software used on mobile devices within casino premises. Though she added the operators “must demonstrate how they would ensure that the gaming software cannot be used outside the casino, for instance, using geofencing technology.”
However, casinos must implement measures, such as geofencing technology, to ensure this software is restricted to casino use only. The GRA has clarified that cryptocurrencies will not be accepted as chips due to concerns about money laundering risks. She said, “it is therefore more appropriate for the minister, rather than the GRA, to be the authority to approve divestments and acquisitions relating to main shareholdings”
The law also allows for the sharing of patron data between the two casinos to combat money laundering, terrorism financing, and weapons proliferation financing. This provision aims to bolster the industry’s ability to address illicit activities without requiring explicit customer consent.
Additional amendments address various operational and compliance issues. For example, it is now illegal to withdraw a bet after the outcome is known or to record gaming activities. The entry levy charges for Singapore citizens and permanent residents will revert to SGD150 (US$115) per day and SGD3,000 annually, rectifying a previous oversight. Moreover, breaches of family visit limits at the casinos will result in fines of up to SGD10,000 and possible imprisonment for up to a year.
Ms. Sun highlighted that these changes are part of a comprehensive review conducted by multiple government ministries, including the Ministry of Home Affairs, the Ministry of Social and Family Development, and the Ministry of Trade and Industry. The aim is to align casino operations with Singapore’s strategic objectives and enhance the overall gaming environment.
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