http://www.gamblingcompliance.com/node/37029
Singapore Regulator Aims For Junket Control
20 Apr, 2009 / GamblingCompliance Ltd. / Ben Bland
Singapore’s new Casino Regulatory Authority (CRA) has begun to show its hand ahead of the opening of the city-state’s first ever casinos in late 2009/early 2010, revealing that it will be on the lookout for money laundering, scams involving junket operators and cheating by employees.
Home affairs minister Wong Kan Seng warned that “as a new casino jurisdiction, organised crime groups may view Singapore as an easy target” and that the CRA, in conjunction with the police, must “build its investigative and enforcement capabilities to keep check of such illegal activities”.
The CRA, which was formally established just over a year ago, has so far kept its cards close to its chest while it has been busy finalising its approach to regulating the Marina Bay Sands and Resorts World Sentosa casinos. The regulator’s only significant public move so far was to release its technical standards for electronic gaming machines earlier this year.
But as the opening of the casinos draws closer, the CRA is keen to increase public awareness of its work and ensure that the two casino operators, Las Vegas Sands and Genting International, are put on notice of the potential challenges ahead.
Speaking at a seminar on Friday designed to foster co-operation between the CRA and other government agencies such as the police, Wong said that Singapore “must guard against any fallout in crime and social problems”.
One major risk area is money laundering, given Singapore’s status as a global hub for financial services and wealth management. Wong said that the CRA “must ensure that operators put in place and observe a robust anti-money laundering regime in line with international standards”.
He also warned that the CRA will need to be particularly vigilant about the potential for criminal activity involving insiders such as casino employees and junket operators. “These crimes can range from small-scale schemes such as cheating at tables to more sophisticated schemes such as money-laundering, particularly in the case of junkets where large sums of money are transacted between the junket operators, their high-rollers clients and the casino”.
Singapore’s Casino Control Act stipulates that all junket operators must be licensed by the CRA and that those operating without such a licence are liable to prosecution and a large fine. The casino operators will also face disciplinary action if they enter into agreements with unlicensed junket operators.
Although the CRA is yet to explain exactly how it will go about policing the junkets, Wong explained that background checks would be carried out on all operators.
“To safeguard the integrity of our casinos, the CRA will need to ensure strict internal controls and conduct through probity checks on key casino employees, associates and junket operators,” he said.
Speaking at the same event, Richard Magnus, chairman of the CRA and a former judge, criticised other jurisdictions for failing to ensure adequate co-operation between government agencies. He emphasised the importance of taking a “multi-disciplinary approach” if Singapore is avoid problems such as “vice, corruption, high gambling addiction and poor law and order”, which, he said, have plagued other gambling centres such as Macau.
The police force has already announced plans to establish a special Casino Investigation Branch (CIB) and open a dedicated police station next to the Marina Bay Sands resort. The CRA revealed on Friday that it will be setting up satellite offices alongside the CIB inside both casinos to keep a close eye on threats such as forged gaming chips.
Casino gambling was only made legal in Singapore in 2005 and Magnus explained that as the regulator of such a new industry, the CRA has had to “jump start out domain knowledge in the economics of casino operations and gaming”.
The CRA has already recruited 75 heavily-vetted staff and it hopes to be up to its full strength of 116 by late 2009 when the first casino opens. Its employees have been undergoing a “comprehensive and intensive” training programme, which has included study visits to more experienced casino regulators in Nevada and New Jersey in the US and Victoria and New South Wales in Australia.
Magnus added that the CRA was also trying to innovate, for example by launching a new electronic casino licensing application system designed to do away with tedious personal history declaration forms that potential casino employees have to fill out in other jurisdictions. He said that this system, which was the first of its kind in the world, was an example of the “pioneering spirit” within the CRA.
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Singapore Regulator Aims For Junket Control
20 Apr, 2009 / GamblingCompliance Ltd. / Ben Bland
Singapore’s new Casino Regulatory Authority (CRA) has begun to show its hand ahead of the opening of the city-state’s first ever casinos in late 2009/early 2010, revealing that it will be on the lookout for money laundering, scams involving junket operators and cheating by employees.
Home affairs minister Wong Kan Seng warned that “as a new casino jurisdiction, organised crime groups may view Singapore as an easy target” and that the CRA, in conjunction with the police, must “build its investigative and enforcement capabilities to keep check of such illegal activities”.
The CRA, which was formally established just over a year ago, has so far kept its cards close to its chest while it has been busy finalising its approach to regulating the Marina Bay Sands and Resorts World Sentosa casinos. The regulator’s only significant public move so far was to release its technical standards for electronic gaming machines earlier this year.
But as the opening of the casinos draws closer, the CRA is keen to increase public awareness of its work and ensure that the two casino operators, Las Vegas Sands and Genting International, are put on notice of the potential challenges ahead.
Speaking at a seminar on Friday designed to foster co-operation between the CRA and other government agencies such as the police, Wong said that Singapore “must guard against any fallout in crime and social problems”.
One major risk area is money laundering, given Singapore’s status as a global hub for financial services and wealth management. Wong said that the CRA “must ensure that operators put in place and observe a robust anti-money laundering regime in line with international standards”.
He also warned that the CRA will need to be particularly vigilant about the potential for criminal activity involving insiders such as casino employees and junket operators. “These crimes can range from small-scale schemes such as cheating at tables to more sophisticated schemes such as money-laundering, particularly in the case of junkets where large sums of money are transacted between the junket operators, their high-rollers clients and the casino”.
Singapore’s Casino Control Act stipulates that all junket operators must be licensed by the CRA and that those operating without such a licence are liable to prosecution and a large fine. The casino operators will also face disciplinary action if they enter into agreements with unlicensed junket operators.
Although the CRA is yet to explain exactly how it will go about policing the junkets, Wong explained that background checks would be carried out on all operators.
“To safeguard the integrity of our casinos, the CRA will need to ensure strict internal controls and conduct through probity checks on key casino employees, associates and junket operators,” he said.
Speaking at the same event, Richard Magnus, chairman of the CRA and a former judge, criticised other jurisdictions for failing to ensure adequate co-operation between government agencies. He emphasised the importance of taking a “multi-disciplinary approach” if Singapore is avoid problems such as “vice, corruption, high gambling addiction and poor law and order”, which, he said, have plagued other gambling centres such as Macau.
The police force has already announced plans to establish a special Casino Investigation Branch (CIB) and open a dedicated police station next to the Marina Bay Sands resort. The CRA revealed on Friday that it will be setting up satellite offices alongside the CIB inside both casinos to keep a close eye on threats such as forged gaming chips.
Casino gambling was only made legal in Singapore in 2005 and Magnus explained that as the regulator of such a new industry, the CRA has had to “jump start out domain knowledge in the economics of casino operations and gaming”.
The CRA has already recruited 75 heavily-vetted staff and it hopes to be up to its full strength of 116 by late 2009 when the first casino opens. Its employees have been undergoing a “comprehensive and intensive” training programme, which has included study visits to more experienced casino regulators in Nevada and New Jersey in the US and Victoria and New South Wales in Australia.
Magnus added that the CRA was also trying to innovate, for example by launching a new electronic casino licensing application system designed to do away with tedious personal history declaration forms that potential casino employees have to fill out in other jurisdictions. He said that this system, which was the first of its kind in the world, was an example of the “pioneering spirit” within the CRA.
-----------------------------------
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