Suspicious transaction reports rise 30%

According to data from the Financial Intelligence Office (GIF), suspicious transaction reports (STRs) filed by Macau gaming operators rose nearly 30% in the first nine months of 2024 compared to the same period last year.

A total of 3,041 STRs were reported by Sept. 30 this year, an increase of 30.2% on the 2,335 in the same time span in 2023. Gaming businesses accounted for 73.8% of Macau’s total 4,118 flagged transactions in the first nine months of the year, similar to the proportion from last year’s 3,178 suspect transactions from all sectors.

The rise in STRs was “mainly due to the increase in the number of STRs reported by the financial sector and the gaming sector,” reported the GIF.

Existing guidelines define suspicious transactions as those related to gambling operations that exhibit unusual traits or complexity, suggesting potential money laundering or terrorism financing.

While the overall number of STRs increased, their proliferation slowed quarter-on-quarter, with 860 STRs in the third quarter, down from 1,125 in the first quarter and 1,056 in the second quarter. The total number of STRs, including those from financial institutions, insurance companies, and other institutions, was up 29.6% year-on-year. VC