Resorts World Sentosa (RWS), one of Singapore’s renowned integrated resorts, faced substantial fines totalling $95,000 in the last financial year due to breaches in casino control regulations, according to The Straits Times.
The fines were imposed by the Gambling Regulatory Authority (GRA) and are a result of RWS’s failure to conduct proper checks on its customers.
Understanding the Fines
Customer Due Diligence Measures
In the period spanning from April 2022 to March 2023, RWS incurred a fine of $20,000 for its failure to perform essential customer due diligence measures. Such measures are crucial for ensuring the integrity of casino operations and preventing unlawful activities.
Enhanced Customer Due Diligence Measures
The gravest penalty imposed on RWS amounted to $75,000. This significant fine was due to the resort’s negligence in performing enhanced customer due diligence measures.
Enhanced measures are designed to scrutinize high-risk customers more closely, further emphasizing the importance of compliance with regulatory standards.
License Suspension for Ceylon Sports Club
Apart from the penalties levied against RWS, GRA also took action against Ceylon Sports Club. The club faced a one-month suspension of its license.
This punitive action resulted from the club’s failure to comply with regulatory requirements concerning the screening and registration of individuals and the prevention of excluded persons from entering.
Transition from CRA to GRA
The Gambling Regulatory Authority (GRA) came into existence on August 16, 2022, replacing the Casino Regulatory Authority (CRA).
Established in 2008, CRA had been responsible for overseeing Singapore’s two integrated resorts: RWS and Marina Bay Sands (MBS). The transition to GRA marked a new phase in regulatory oversight for the industry.
Past Penalties
In the previous financial year, prior to the establishment of GRA, RWS incurred fines totaling $200,000 from CRA. These fines were primarily a result of the resort’s failure to implement adequate customer due diligence measures. Additionally, RWS faced a $75,000 penalty for not adopting an approved system of internal controls.
To put these fines into perspective, the highest amount of penalties issued by CRA in the last decade was between April 2018 and March 2019. During this period, RWS was slapped with fines amounting to a staggering $730,000. Similarly, Marina Bay Sands (MBS) had to pay $15,000 in fines for various regulatory breaches.