Under the new anti-money laundering act, local casinos will have to deploy formal processes for customer identification, ones that have already been introduced at local banks and other financial institutions.
The IRR framework was crafted by the AMLC together with PAGCOR, the nation’s gambling regulator, the Aurora Pacific Economic Zone and Freeport Authority, and the Cagayan Economic Zone Authority. The set of rules and regulations will cover land-based casinos, casinos on cruise ships, and online gaming operations.
The anti-money laundering controls came after the 2016 Bangladesh Bank robbery that saw unknown hackers order the transfer of US$81 million from the Bangladesh Bank to bank accounts registered in the Philippines. The money was withdrawn almost immediately and then disappeared in the nation’s casino industry.
The Philippines was then urged to adopt stricter anti-money laundering regulations, ones that would prevent the illicit flow of money to and from the country and its gambling properties. The Asia Pacific Group on Money Laundering warned the Philippines to close the "structural gap” that has marred its reputation for quite some time.
Source: GMB / Casino News Daily
