Daily Asia Gaming eBrief: Singapore lowers threshold for diligence on casino deposits

Tuesday 2nd of July 2024

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Good Morning. There's no such thing as too much oversight. Or at least that's the road that Singapore is taking, further lowering the threshold for due diligence on transactions in casinos, as it ups its AML/CFT measures to better align with the FATF. Meanwhile, in Macau, rampant GGR growth slowed in June, the weakest month so far this year. Looking to the Philippines, a top PAGCOR official describes the regulator's intentions to launch a Gaming Academy, focused on the local and regional markets.

What you need to know

Singapore is lowering its threshold for due diligence checks on casino deposits as it focuses on AML/CFT to align with FATF standards.
Macau's June GGR totaled $2.21 billion, down 12.4% from May, marking the lowest level since the beginning of the year.
PAGCOR is launching a Gaming Academy in the country; a top official breaks down why: watch the video!

On the radar

Heightened oversight/low gaming revenues continue to challenge SkyCity: S&P.
Kambi Group announces Werner Becher as incoming CEO.
IPI says that a sale of the casino-hotel property is possible: report.
Macau/HK/Mainland police dismantle $125M illegal sports betting ring, arrest 93.
PAGCOR reports former cabinet official advocating for illegal POGOs.

AGB Intelligence

SINGAPORE

Lowering casino deposit CDD threshold in line with FATF

Singapore is working to further strengthen its anti-money laundering and counter financing of terrorism (AML/CFT) measures, lowering the threshold for due diligence checks on casino deposits to $2.9K. The measure is a part of a series of efforts to encourage more reporting on how money flows through Singapore's casinos, as the nation aims to align with the Financial Action Task Force's standards.

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