Zero tolerance for money laundering in Philippines

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Zero tolerance for money laundering in Philippines

phillipines AMLC

Money laundering is a huge issue through the gambling section, especially in the Asian countries. But it seems like Philippines are ready to put an end to all this. The Philippines Anti-Money Laundering Council (AMLC) announced that is about to publish a new regulatory framework for the casino industry. This framework is going to be released until the end of the next month.

The new rules

The Philippines government is totally determined to end once and for all the criminal activity of money laundering. For that reason, they will present the new rules for the regulation of the country’s casinos as ‘covered persons’ under the recently amended Anti-Money Laundering Act of 2001. We should remind that the new gambling bill was signed in July. The government gave the Anti-Money Laundering unit of the Philippines’ Central Bank 90 days in order to implement the new regulations.

As it was expected, casinos should complete the procedure of KYC (Know Your Customer) for every customer. In total, they should follow the KYC rules, since according to the anti-money laundering provisions the risk profiles will be detailed. Casinos under the AMCL rules will be forced to conduct KYC procedures. Also, they should report suspicious transactions, cover cash transactions of approximately $100k. Fianlly they will have to keep records of KYC documents and transactions. Of course, there will be more regulations, but we should wait until the last days of October to know which they are.

The statements

AMLC Executive Director Attorney Mel Georgie Racela spoke to the local press, detailing. “Based on our timeline, we might be able to issue one week before the deadline. We’re looking at between October 10 and 14 to get approval from our respective boards. There are detailed parts of the IRR (but this could take awhile) so the strategy is to issue the IRR first and then we will issue subsequently the guidelines (such as) KYC.”

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