First batch of junket licenses awarded to two M’sian operators

The Casino Regulatory Authority of Singapore (CRA) has awarded the first batch of junket licenses to two Malaysian operators on Thursday.
 
The operators Huang Yu Kiung and Low Chong Aun have an international client base and were issued the junket licenses after having their backgrounds checked by CRA for more than a year, reported Channel NewsAsia (CNA).
 
CNA added that the duo are endorsed by Resorts World Sentosa and their licenses are valid for one year.
 
CRA said that 12 applications were rejected and they are currently evaluating a few other applications and is in the midst of conducting probity checks for these applications.
 
Junket operators are essentially agents who organise trips for foreign VIP high rollers to play at the casino in exchange for a commission. They may also extend credit to their patrons.
 
They are also to be referred to as International Monetary Agents (IMAs) because they are only allowed to attract foreign clientele to local casinos and are not permitted to target locals.
 
However, since they transact large sums of money, it is important that they are highly regulated by the authorities.
 
Hence, they will be subjected to high levels of compliance and governance, including:
- Tight checks to keep out criminal influence
- Robust regulatory regime and strong safeguards
- Ongoing enforcement and monitoring
- Stiff penalties if in breach of conditions
 
In addition, if the IMAs are found to have discrepancies in their financial reporting or credit assessment, the authorities will have the powers to suspend them at any time.
 
Explained Lau Peet Meng, chief executive of CRA: "CRA has put in place a tight regulatory regime for the IMAs, and we have every intent to exercise our own powers to ensure the casino operators and IMAs comply fully with our regulatory requirements."
 
As IMAs are new to Singapore, CRA has taken a conservative approach in evaluating the applications received. Each licence application was subjected to extensive and robust probity checks to determine the applicant(s)'s suitability to operate in Singapore. This includes examining financial soundness, sources of funds, as well as suitability of employees and associates.

Related articles:
- S$900 million net increase in casino tax revenue for MBS and RWS
- Govt reviewing Casino Control Act
- Rise of problem gambling in Singapore

  • 2015 Nissan Murano aims for the style-forward crowd 6 hours ago
    2015 Nissan Murano aims for the style-forward crowd

    Nissan says its 2015 Murano crossover, only the second major revamp of the car since it debuted in 2003, draws its design cues from the “age of future space flight.” That’s probably taking it a little far, but the new Murano, based off the 2013 Resonance concept vehicle, is an exceptionally lovely machine, all fluid, curved metal on the outside, and flowing, soft-touch materials on the inside. Certain kinds of comfort and charms that were unheard-of outside of premium vehicles five years ago have definitely trickled down, and reached a kind of design apotheosis with this car.

  • Volkswagen brings new (ish) Jetta to New York along with Golf Sportwagen 9 hours ago
    Volkswagen brings new (ish) Jetta to New York along with Golf Sportwagen

    With its new President and CEO of America, Michael Horn, on stage in New York after just 100 days on the job, Volkswagen debuted its 2015 Jetta. You'd be forgiven for noticing little differences compared to the outgoing model, and in the words of Horn himself, the changes are indeed subtle. The most notable of those subtleties is the all-new 2.0 liter turbo diesel motor, offering 45 mpg highway and a modest increase of 10 hp. For VW, diesel is where it's at.

  • With Vantage GT, Aston Martin races below $100,000 10 hours ago
    With Vantage GT, Aston Martin races below $100,000

    Aston Martin is going downmarket, sort of. The 2015 Vantage GT, a sport-styled variant of Aston’s legendary flagship car, draws style and performance tips from their GT4 race cars, which will be running in North America this year. It’s also priced at $99,900, which shows that the market for these kinds of consumer sports cars has boomed in recent years.