In the first quarter of 2024, Macau’s gaming sector experienced a significant 89.1 percent year-on-year rise in suspicious transaction reports (STRs).
The figures were released by the Financial Intelligence Office (GIF). The number of STRs from the gaming industry increased to 1,125, from 595 during the same period last year. Overall, STRs across all sectors totaled 1,460, marking a 78.7 percent increase, with casinos accounting for 77.1 percent of these reports.
The office did not provide specific reasons for the rise. For 2023, the casino sector recorded the highest annual STRs since 2006, attributed to economic recovery and diligent reporting efforts. Common triggers included chip conversions and currency exchanges.
Quarter-on-quarter, the increase in STRs was modest, only 2.6 percent higher than the 1,096 reported in the last three months of 2023.
In 2023, Macau’s gaming sector saw 3,431 STRs, an approximately 80 percent increase compared to 2019. This increase was driven by the city’s economic rebound and continuous reporting efforts by the gaming sector to detect suspicious transactions.
Key factors contributing to the rise in STRs included the conversion of chips without or with minimal gaming activities, the conversion of chips on behalf of third parties, and the exchange of currency or cash conversion. These triggers have remained consistent from 2019 to 2023.
The substantial increase in STRs highlights the heightened vigilance and proactive measures within Macau’s gaming sector to monitor and report suspicious activities, reflecting broader economic trends and regulatory compliance efforts.
