12. Credit policy, procedures and controls

Every casino operator and licensed international market agent shall, before providing any credit, develop and implement a credit policy and procedures and controls relating to the provision of credit to its patrons, and shall communicate these to its employees and officers.

The credit policy, procedures and controls referred to in paragraph (1) shall include —

the credit assessment criteria by which the creditworthiness of a patron is to be assessed;

the credit limits applicable to different classes of patrons;

the approving authority and procedures for the approval of —

the establishment of a credit account or cheque-cashing account for a patron; and

the patron’s credit limit and any increase in credit limit;

the procedures for the issuance of credit and the administration of a credit account or cheque-cashing account;

the records and documents to be kept and checks to be carried out in relation to a credit account or cheque-cashing account; and

debt recovery procedures.

Every casino operator and licensed international market agent shall ––

cause its credit policy, procedures and controls to be reviewed at least once in every 6 months by an employee or employees holding a senior managerial or executive position of the casino operator or licensed international market agent, as the case may be;

ensure that its credit policy, procedures and controls are implemented in all its branch offices, whether in Singapore or elsewhere; and

produce its credit policy, procedures and controls to the Authority for inspection whenever requested to do so.

Every casino operator and licensed international market agent shall, before providing any credit, develop and implement a credit policy and procedures and controls relating to the provision of credit to its patrons, and shall communicate these to its employees and officers.

The credit policy, procedures and controls referred to in paragraph (1) shall include —

the credit assessment criteria by which the creditworthiness of a patron is to be assessed;

the credit limits applicable to different classes of patrons;

the approving authority and procedures for the approval of —

the establishment of a credit account or cheque-cashing account for a patron; and

the patron’s credit limit and any increase in credit limit;

the procedures for the issuance of credit and the administration of a credit account or cheque-cashing account;

the records and documents to be kept and checks to be carried out in relation to a credit account or cheque-cashing account; and

debt recovery procedures.

Every casino operator and licensed international market agent shall ––

cause its credit policy, procedures and controls to be reviewed at least once in every 6 months by an employee or employees holding a senior managerial or executive position of the casino operator or licensed international market agent, as the case may be;

ensure that its credit policy, procedures and controls are implemented in all its branch offices, whether in Singapore or elsewhere; and

produce its credit policy, procedures and controls to the Authority for inspection whenever requested to do so.