Singapore Tightens Casino Rules

Singapore plans to tighten virtual casino rules. This is necessary in order to increase the degree of control over the funds that pass through the accounts of gambling portals and to prevent the financing of terrorism. The key change that the local regulator ( Casino Regulatory Authority) is preparing to introduce will be a decrease in the number of verified amounts.

Earlier, a check of funds in Singapore casinos was carried out when replenishing the account for 10,000 Singapore dollars (7200 US dollars). The regulator plans to reduce it by half, to 5,000 Singapore dollars (3,600 US dollars). However, this is still less than the FATF thresholds - the global regulator provides for restrictions of $ 3,000.

The rule changes were a reaction to last year's FATF statement that Singapore does not exercise due diligence in controlling virtual casinos. Casino Regulatory Authority officials said the Home Office and the CRA are considering further ways to reduce the amount to fully comply with FATF standards.

Law&Trust offers services to clients working in Singapore. Our lawyers will tell you about the new requirements of the local regulator and help to adapt to the gambling company.