Anti-money laundering bill to tighten customer due diligence checks in casinos
The bill seeks to lower the threshold for suspicious transactions to S$4,000.
The second reading of the Anti-money Laundering and Other Matters (AMLOM) bill aims to focus on transactions in casinos as proposed by Josephine Teo, Minister for Digital Development and Information.
Customer due diligence, or CDD checks, in various sectors is deemed as the key to preventing suspicious individuals from committing money laundering and detecting any illicit activities early on.
In her speech, she said the bill seeks to lower the current threshold of single cash transactions involving $10,000 or more, or deposits into a deposit account involving $5,000 or more, to cover single cash transactions or deposits involving S$4,000 or more.
Additionally, the Gambling Regulatory Authority of Singapore will empower casino operators when conducting CDD checks to also consider proliferation financing risks.
Read Here
Advertise
Sign Up
