The Marina Bay Sands Casino in Singapore is currently conducting a legal investigation into employee transfers of patrons funds that might be illegal. Over $1 billion on funds have been transferred to third parties. The casino has reportedly hired Davinder Singh Chambers LLC to investigate the transfers. The firm specializes in international arbitration and dispute resolutions.
Why the Investigation?
The new investigation started after news broke that the casino was under investigation by the Department of Justice in the US as well as the authorities in Singapore. A customer of the casino reportedly sued the parent company of the venue, Marina Bay Sands Ltd, stating that $9.1 million of his money was transferred to other casino guests without his authorization.
Wang Xi is a gambler from China who often visits the casino. He filed a lawsuit last year against the casino in an effort to recover his money. The third party transfers that took place were unauthorized and happened back in October 2015 through December of that same year. The money was reportedly moved from his deposit accounts of the casino to other players within 22 transactions.
In June, the lawsuit was settled, and the casino will repay Xi the full amount. The two parties involved did not claim liability for the action.
It was the lawsuit by Xi that started the investigation into the VIP accounts of players at the Marina Bay Sands. The investigation is looking at whether or not the accounts and third-party transfers are breaching anti-money laundering regulations. Such transfers are legal and often used by players who are consider high rollers. The funds are transferred to cover losses or to play at other casinos.
The casino conducted an investigation and found that there were instances of casino employees breaching standards from 2013 to 2017. The employees were filling out payment details on authorization forms that were pre-signed or copied.
The casino has signed changed its policies regarding training as well as steps for such transactions so that such issues will not happen in the future.
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