THE Anti-Money Laundering Council (AMLC) said “covered persons” subject to its oversight must only deal with legitimate online gambling platforms and casinos.
“Covered persons (CPs) are hereby reminded that transactions involving online casinos and online gambling platforms must be conducted exclusively with entities duly registered with the Philippine Amusement and Gaming Corp. (PAGCOR),” the AMLC said in a statement.
“CPs are expected to maintain heightened vigilance by monitoring customer transactions involving online gambling activities, updating customer profiles as necessary, and conducting enhanced due diligence when warranted, in accordance with their Money Laundering and Terrorism Financing Prevention Program,” the council added.
According to the AMLC, CPs refer to financial institutions and designated non-financial businesses and professions, including banks, quasi-banks, trust entities, pawnshops, nonstock savings and loan associations, electronic money issuers, insurance companies, securities dealers, brokers, salesmen, investment houses and other similar persons.
AMLC warned CPs of the risks of transacting with unregistered online casinos and gaming apps, instructing them to file suspicious transaction reports as warranted.
Under the Anti-Money Laundering Act, CPs are required to report to the AMLC all suspicious transactions within five working days from its occurrence.
CPs that fail to comply could face administrative sanctions under the AMLC’s rules of procedure, it added.
President Ferdinand R. Marcos, Jr. ordered stricter regulation of online gambling platforms, citing the industry’s social costs and risks to the financial system.
Last month, the Bangko Sentral ng Pilipinas ordered e-wallet providers, banks and other financial institutions to delink their services from gambling apps and websites.
The central bank is also working on additional measures such as bans on credit card use for betting, biometric verification, transaction limits and self-exclusion tools.
PAGCOR projected online gambling to account for about 60% of its revenue this year, equivalent to P62-65 billion. — Katherine K. Chan