Regulation 10
Amendment of regulation 14
In the principal Regulations, in regulation 14 —
in paragraph (1A), replace “A casino operator” with “Subject to this regulation, a casino operator”;
in paragraph (1A), replace sub‑paragraphs (a) and (b) with —“(a)establishing by reasonable means, and verifying using reliable and independent sources, the source of wealth and source of funds of a higher‑risk patron;
requiring that prior approval be obtained from an employee holding a senior managerial or executive position in the casino operator based on the information mentioned in sub‑paragraph (a) before establishing dealings with a higher‑risk patron, or before continuing dealings with a patron (or a beneficial owner of a patron account) who subsequently becomes a higher‑risk patron;
(ba)conducting ongoing monitoring in respect of a higher‑risk patron and where any change in the patron’s risk profile exceeding the thresholds of materiality and thresholds of risk established under regulation 17(4)(a) is detected, to reassess the approval obtained under sub‑paragraph (b) and update the casino operator’s records about the patron mentioned in paragraph (1B);”;
in paragraph (1B)(d), delete “income level,”; and
after paragraph (2), insert —“(3) A casino operator may adopt a risk‑based approach in determining whether to perform the enhanced customer due diligence measures mentioned in paragraph (1A) or the extent of the enhanced customer due diligence measures to be performed for any or all of the following politically‑exposed persons:
an individual who has been entrusted with any prominent public function in Singapore, or an immediate family member or close associate (in a personal or professional capacity) of that individual;
an individual who has been entrusted with any prominent public function by an international organisation, or an immediate family member or close associate (in a personal or professional capacity) of that individual;
an individual who has stepped down from his or her prominent public function, taking into consideration the level of influence the individual may continue to exercise after stepping down from such prominent public function, or an immediate family member or close associate (in a personal or professional capacity) of that individual.
Paragraph (3) does not apply where the politically‑exposed person’s dealings or transactions with the casino operator present a high risk of money laundering, terrorism financing or proliferation financing.
Despite paragraph (1A)(a) and (b) and subject to paragraphs (6), (7) and (8), a casino operator may establish dealings with a higher‑risk patron or continue dealings with a patron (or a beneficial owner of a patron account) who subsequently becomes a higher‑risk patron before completing the verification mentioned in paragraph (1A)(a) if —
the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations;
the risks of money laundering, terrorism financing and proliferation financing can be effectively managed by the casino operator; and
prior approval is obtained from an employee holding a senior managerial or executive position in the casino operator to so establish or continue dealings (as the case may be) before completing the verification.
Where paragraph (5) applies, the casino operator must —
adopt internal risk management policies and procedures concerning the conditions under which the casino operator may so establish or continue dealings before completing the verification mentioned in paragraph (1A)(a); and
subject to paragraph (7), complete the verification within the applicable time specified in the Code.
Where the casino operator is unable to complete the verification within the applicable time specified in the Code as mentioned in paragraph (6)(b), the casino operator must stop its dealings with the higher‑risk patron after that time, until the casino operator completes the verification.
Where verification has been carried out under paragraph (6) or (7), the casino operator must not continue or resume dealings with the higher‑risk patron after completion of the verification unless the approval of an employee holding a senior managerial or executive position in the casino operator to do so has been obtained taking into account the source of wealth and source of funds of the higher‑risk patron as verified.”.