The Philippines Ups the Ante with Their Rules to Prevent Money Laundering through Casinos

Casinos in the Philippines will have to start adhering to new anti-money laundering laws as of November 4, with the Anti-Money Laundering Council keeping a much closer eye on all the casino-relate transactions. The new set of regulations will require casinos to introduce customer identification procedures similar to the ones already used by banks and other financial institutions in the country.

Closing the Gap

The main reason for these new rules can be found in the Bangladesh bank robbery from 2016, which saw $81 million transferred to the Philippines by unknown hackers, after which it was immediately withdrawn and quickly disappeared within the gambling industry.

The event caused a lot of criticism towards the Philippines, with the Asia Pacific Group on Money Laundering warning them it was high time to finally close the gap that’s been in existence for years. New rules will thus encompass land-based and online casinos, as well as cruise ships.

Casinos to Establish Their Own Programs

Once the new rules kick in, it will be down to individual casinos to set up their own programs and KYC procedures in line with those used by financial institutions in the Philippines. Each venue will have compliance officers at the location, in charge of keeping track of any suspicious transactions.

Furthermore, all players will have to give their essential information and the casinos will be obliged to keep these for a period of at least five years. No withdrawals or fund transfers will be allowed without a direct, face-to-face contact, and casinos will have to immediately report any suspicious transactions.