PART IV | FRAMEWORK FOR PREVENTION OF MONEY LAUNDERING, TERRORISM FINANCING AND PROLIFERATION FINANCING, ETC. |
[S 861/2024 wef 14/11/2024] [S 320/2015 wef 02/06/2015] | Framework for prevention of money laundering, terrorism financing and proliferation financing |
| 17.—(1) A casino operator must develop and implement a framework for the prevention of money laundering, terrorism financing and proliferation financing. [S 861/2024 wef 14/11/2024] (2) The casino operator must ensure that the framework referred to in paragraph (1) (and any subsequent alterations to the framework) —| (a) | is approved by the Board of Directors of the casino operator; | | (b) | is communicated to the employees and officers of the casino operator; and | | (c) | applies to the casino operator and all of the casino operator’s branch offices. |
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(3) The casino operator must include in the framework referred to in paragraph (1) —| (a) | policies, controls and procedures for the identification, assessment, monitoring, management and mitigation of the risks of money laundering, terrorism financing and proliferation financing; and [S 861/2024 wef 14/11/2024] | | (b) | measures relating to —| (i) | the implementation of customer due diligence measures required under the Act and these Regulations; | | (ii) | the record‑keeping requirements under these Regulations and in any directions or codes issued by the Authority; | | (iii) | the monitoring of the implementation of the framework; | | (iv) | the prevention of transactions which would exceed the thresholds of risk established under paragraph (4)(a); | | (v) | the appointment of an individual who holds a Category A special employee licence under the Casino Control (Licensing of Special Employees) Regulations 2009 (G.N. No. S 415/2009) as a compliance officer; | | (vi) | the establishment of procedures for the screening of potential employees; and | | (vii) | the regular training of employees on the framework referred to in paragraph (1) and any subsequent alterations to that framework. |
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(4) In formulating the framework referred to in paragraph (1), the casino operator must —| (a) | establish thresholds of materiality and thresholds of risk to prevent, and to mitigate the risks of, money laundering, terrorism financing and proliferation financing; [S 861/2024 wef 14/11/2024] | | (b) | take note of any new or developing thing, including any product, business practice or technology (especially technology that favours anonymity) or any other activity that may increase any risk of money laundering, terrorism financing or proliferation financing being conducted through or facilitated by the casino; [S 861/2024 wef 14/11/2024] | | (c) | consider, before any sale, supply, provision or implementation of the new or developing thing referred to in sub‑paragraph (b) commences, the risks of money laundering, terrorism financing and proliferation financing that may arise as a result of such sale, supply, provision or implementation of the thing; and [S 861/2024 wef 14/11/2024] | | (d) | consider all relevant risk factors relating to money laundering, terrorism financing and proliferation financing, including —| (i) | the risks posed by individual patrons or categories of patrons; | | (ii) | whether individual patrons or categories of patrons are from any jurisdiction —| (A) | that the casino operator identifies to have inadequate measures to prevent money laundering, terrorism financing or proliferation financing; [S 861/2024 wef 14/11/2024] | | (B) | that the Authority or any regulatory authority (whether local or foreign) notifies the casino operator has inadequate measures to prevent money laundering, terrorism financing or proliferation financing; [S 861/2024 wef 14/11/2024] | | (C) | that the casino operator knows any regulatory authority (whether local or foreign), or the intergovernmental body known as the Financial Action Task Force, has identified to have inadequate measures to prevent money laundering, terrorism financing or proliferation financing; or [S 861/2024 wef 14/11/2024] | | (D) | in relation to which the intergovernmental body known as the Financial Action Task Force has called for the imposition of measures to prevent money laundering, terrorism financing or proliferation financing; and [S 861/2024 wef 14/11/2024] |
| | (iii) | the type of services and transactions provided, the modes of payment for those services and transactions, and whether any of those services or transactions will be conducted outside Singapore. |
[S 861/2024 wef 14/11/2024] |
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(5) The casino operator must review the framework referred to in paragraph (1) at least once every year, and must —| (a) | assess and enhance the effectiveness of that framework in monitoring and reducing the risks of money laundering, terrorism financing and proliferation financing being conducted through the casino or facilitated by the casino operator; and [S 861/2024 wef 14/11/2024] | | (b) | identify any developments which may increase any risk of money laundering, terrorism financing or proliferation financing, and establish new policies, controls and procedures to minimise the casino operator’s, and the casino’s, exposure to such risks. [S 861/2024 wef 14/11/2024] |
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| (6) If the framework referred to in paragraph (1) is assessed under paragraph (5)(a) to be inadequate, the casino operator must take steps to enhance the effectiveness of the framework. |
(7) The casino operator must —| (a) | keep a record in writing of its findings and decisions, and the reasons for those findings and decisions, in relation to the matters referred to in paragraphs (1) to (6); and | | (b) | produce that record to the Authority on demand. [S 320/2015 wef 02/06/2015] |
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[S 861/2024 wef 14/11/2024] |
18. A casino operator shall take all necessary steps to ensure that its employees (whether based in Singapore or elsewhere) are regularly trained on ––| (a) | the laws relating to the prevention of money laundering, terrorism financing and proliferation financing, and in particular —| (i) | the customer due diligence measures required to be carried out; | | (ii) | the detection and reporting of significant cash transactions; and | | (iii) | the detection and reporting of suspicious transactions; |
[S 861/2024 wef 14/11/2024] | | (b) | the prevailing techniques, methods and trends in money laundering, terrorism financing and proliferation financing; and [S 861/2024 wef 14/11/2024] | | (c) | the casino operator’s policies, controls and procedures and the roles and responsibilities of its employees in preventing money laundering, terrorism financing and proliferation financing. [S 320/2015 wef 02/06/2015] [S 861/2024 wef 14/11/2024] |
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| Suspicious transaction reporting framework |
19.—(1) A casino operator must develop and implement a suspicious transaction reporting framework.(2) The casino operator must ensure that the framework referred to in paragraph (1) (including any subsequent alterations of the framework) —| (a) | is approved by the Board of Directors of the casino operator; | | (b) | is communicated to the employees and officers of the casino operator; and | | (c) | applies to the casino operator and all of the casino operator’s branch offices. |
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(3) The casino operator must include in the framework referred to in paragraph (1) —| (a) | policies, controls and procedures for the detection of unusual or suspicious applications or transactions, and for the filing of suspicious transaction reports and the making of disclosures under the Terrorism (Suppression of Financing) Act 2002; and [S 861/2024 wef 31/12/2021] | | (b) | measures relating to —| (i) | the training of employees in the identification and reporting of unusual or suspicious transactions (including significant cash transactions); | | (ii) | the implementation of procedures using all relevant information available to the casino operator to detect any unusual or suspicious transactions and any unusual or suspicious patterns of transactions; and | | (iii) | the use of automated programs to aid in the identification and reporting of suspicious transactions. |
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(4) In formulating the framework referred to in paragraph (1), the casino operator must —| (a) | ensure that the framework takes into account the thresholds of risk established under regulation 17(4)(a); and | | (b) | include policies, controls and procedures for compliance with the framework and any written law relating to the reporting of suspicious transactions. |
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| (5) The casino operator must review the framework referred to in paragraph (1) at least once every year, and must assess the effectiveness of that framework. |
| (6) If the framework referred to in paragraph (1) is assessed under paragraph (5) to be inadequate, the casino operator must take steps to enhance the effectiveness of the framework. |
(7) The casino operator must —| (a) | keep a record in writing of its findings and decisions, and the reasons for those findings and decisions, in relation to the matters referred to in paragraphs (1) to (6); and | | (b) | produce that record to the Authority on demand. |
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| (8) The casino operator must, at the time or immediately after it files a suspicious transaction report, submit a copy of the report to the Authority. [S 320/2015 wef 02/06/2015] |
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