Under a new regulatory framework designed to improve anti-money laundering regulation in the Philippine casino sector, Philippine gamblers will now be required to show IDs before engaging in gambling while casinos will be obliged to keep records of gambling activity for at least five years, Asian gaming news outlet GGRAsia reports.
Per the new rules, which were posted on Friday on the website of Philippines’ AMLC (Anti-Money Laundering Council), casinos will now be obliged to “know their customers and, to the extent possible, the intermediary and the person or entity on whose behalf the transaction is being conducted”. According to the document, the owner of a bet will be considered any player/bettor that has complete and physical control over the wager placed on a table in a casino’s gaming area.
Furthermore, there will also be a new higher threshold for automatic reporting of single cash transactions than originally proposed, which would now be in the amount of 5 million Philippine Pesos (approx. US$97,000). If any such transactions or any other unusual or suspicious transactions arise, the casino will have to submit a report for them within 5-15 business days.
Using aliases is also to be banned by the legislation, with the only acceptable identity being the real full name of each account holder. To prevent abuse, cash outs will not be allowed without a “face-to-face contact”, with some exceptions possible for digital means of communication. The AMLC will also oblige casinos to safely store and maintain due diligence records and transaction data for a minimum of five years.
The amendments to the AML Act were jointly adopted by the AMLC, PAGCOR (Philippine Amusement and Gaming Corp), the Aurora Pacific Economic Zone and Freeport Authority, and the Cagayan Economic Zone Authority, and they will be effective from November 4th. All operators are given three months from this date to register with AMLC’s reporting system.
Each individual casino will be required to establish internal programs for the prevention of money laundering. Their own systems and know-your-customer tools will have to match ones already deployed by financial institutions. Casinos must be able to monitor constantly and detect any money laundering activities and any potential arrangements for terrorism financing and other criminal deeds. Compliance officers, guided by a senior management at each of the casinos, will be tasked with surveying for suspicious transactions. Gambling venues will have to be presented with essential information about their customers in order for them to be able to play at the properties. They will be required to keep records about each of its players for no less than five years. Patrons will not be allowed to use aliases. They will have to present their true identities to any casino they are playing at. Under the new rules, withdrawal and transfer of funds will not be able to be processed without a face-to-face contact with the patron that has requested the transaction.
