Casinos file surge in suspicious activity reports

Suspicious transaction reports from Macau’s gaming sector jumped 89.1% in the first quarter of 2024 compared to the same period last year according to data from the city’s Financial Intelligence Office.

The casino industry filed 1,125 suspicious transaction reports between January and March, up from 595 in the first quarter of 2023. Overall suspicious activity reports across all sectors in Macau rose 78.7% to 1,460 in the first quarter.

Casinos accounted for the vast majority, or 77.1%, of all suspicious transaction reports filed in Macau during the first three months of the year. No reason was given for the surge in gaming industry reports. Quarterly filings from casinos were up just 2.6% from the final quarter of last year.

For the full year 2023, Macau casinos submitted a record 3,431 suspicious transaction reports, according to the office. That marked an 80% spike over reports in 2019. Factors contributing to the rise include the city’s economic rebound last year and ongoing compliance efforts by gaming operators.

Common triggers for casino reports included chip conversions without sufficient gambling, third-party chip exchanges, and large currency exchanges. Those triggers have remained consistent from 2019 through 2023, according to the Financial Intelligence Office.

The office collects suspicious activity data to monitor financial crimes such as money laundering in Macau.

Staff Reporter