Big win to headache: Cross-border cash rules that stall casino payout
When it comes to land-based gaming, Malaysia stands out in the region for having a single legal casino, Resorts World Genting, located in the Genting Highlands north of Kuala Lumpur. The venue attracts a steady flow of visitors, particularly from neighbouring Singapore, China, and other countries where casino access is more restricted.
Tourists are drawn not only by the opportunity to gamble but also by the surrounding resort experience, which includes hotels, shopping outlets, and leisure facilities. Recent tourism policies, such as visa-free entry for certain nationalities, have further supported visitor numbers. While gaming remains tightly regulated, the Genting Highlands casino continues to hold a distinctive place in Malaysia’s tourism economy, combining regulated play with a broader travel experience.
Genting casino profits climb
In 2024, Malaysia recorded just over 25 million international arrivals, marking a 24.2 percent increase from 20.14 million in 2023. Singaporeans made up the largest share with 9.1 million visitors. Early 2025 data shows the trend continuing: in the first half of 2025, 10.28 million Singaporeans travelled to Malaysia, a 22.5 percent year-on-year growth, highlighting a strong and expanding travel link between the two nations.
Reflecting this trend, Genting Malaysia Berhad reported revenue of RM10.9 billion (€2.0 billion) in 2024, up from RM10.2 billion in 2023. The broader Genting Group recorded RM 27.7 billion (€5.1 billion) for the same year. In the first quarter of 2025, Genting Malaysia reported RM 2.60 billion (approximately €480 million).
Jackpot win turns complicated
However, this quarter also revealed vulnerabilities in the system. In April 2025, a 28-year-old Singaporean woman, Sherylynn Kok, won a jackpot of RM800,000 (€163,000) during a weekend trip with her boyfriend and family. After a losing streak, she switched slot machines and triggered a bonus feature, winning eight bundles of RM100,000 each (€20,400 each), which she described as “crazy heavy.”
Although the casino initially offered a cheque, Kok decided to take cash based on a friend’s advice. However, things got tense at the airport when she was moving back to Singapore. Security flagged the cash, stating that it could be confiscated if not cleared in advance. At that point, Kok went to the bank to initiate the transfer, but the bank was closed over the weekend and did not offer a wire transfer option. This left Kok and her boyfriend unable to collect their winnings immediately, especially since her parents had already gone back to Singapore.
The following day, she opened a dual-currency account with Oversea-Chinese Banking Corporation (OCBC), allowing her to convert and transfer funds safely. Despite this, Kok describes herself as a disciplined gambler, playing for leisure rather than income, and intends to keep the winnings securely in the bank to maintain her regular lifestyle.
Would a cheque solve issue?
Even a cheque would not have simplified matters: Bank Negara, also known as Malaysia’s Central Bank (BNM), requires prior approval for any large cross-border transfer or withdrawal, whether in cash or by cheque. Depositing a cheque would’ve taken time, especially over the weekend, and currency conversion and anti-money laundering checks would’ve still caused delays, highlighting the regulatory and operational hurdles involved in large payouts.
So, who is to blame in situations like Kok’s? The responsibility may lie with Genting, but the main constraints come from the laws of Malaysia and Singapore, which make large cash transfers complex.
Rules behind cash flow issues
In Malaysia, travellers must declare any cash or bearer negotiable instruments (BNIs) exceeding $10,000 (RM 47,000) using Customs Form No. 7 at the airport. Failing to declare can result in fines of up to RM 3 million or five years imprisonment. Specifically for the Malaysian Ringgit, carrying more than $10,000 equivalent (RM47,000) requires prior written approval from BNM.
Exceeding this limit without approval can result in fines of up to RM50 million or a 10-year jail term under the Financial Services Act 2013. Foreign currencies, such as USD, SGD, or EUR, have no strict cap; however, amounts exceeding $10,000 must still be declared.
Applications for approval must be submitted through BNM’s online portal in advance. Since Kok carried RM800,000, she needed both a customs declaration and BNM approval, which was not possible over the weekend.
In Singapore, anyone bringing in or taking out more than SG$20,000 (or equivalent) must submit a declaration via the online e-CBNI (NP727) form, ideally within 72 hours before entry. Failure to declare is a criminal offence, with heavy fines and possible jail. Banks in Singapore may also require proof of the source of funds for large deposits, making casino receipts and approval papers essential.
So even if casino payouts are legal in cash or cheque, carrying large sums requires proper declaration and approvals in both countries. Without them, the money can be confiscated, and penalties are severe.
Legal experts flag worries
Legal experts have flagged the complexity and practical challenges of cash declaration policies in both Malaysia and Singapore, urging reforms. In Malaysia, International Anti-Corruption Academy critiques the asset declaration and regulatory framework, noting inconsistent rule application, enforcement inefficiencies, and risks of overregulation. Experts recommend a more streamlined system to ease compliance while maintaining oversight.
In Singapore, the Monetary Authority of Singapore (MAS) has proposed amendments to its AML/CFT rules, clarifying source-of-funds requirements, reporting obligations, and trust-related definitions. These changes aim to improve regulatory clarity and effectiveness while reducing unnecessary burdens on lawful financial transactions.
So, even in a well-regulated and popular gaming destination like Genting Highlands, large cash winnings can become entangled in cross-border regulations. While casino operators may follow strict procedures, the responsibility ultimately falls on travellers to comply with both Malaysian and Singaporean laws. Players are required to follow regulations before claiming their winnings. As legal experts call for clearer and more streamlined policies, the incident shows the need for careful planning when handling significant payouts.
