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The Anti-Money Laundering Council released new regulations

George Miller

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AMLC released new regulations
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The council that treats anti money laundering measures released last week the new regulations that will take effect next month.

 

Republic Of The Philippines, Anti-Money Laundering Council (AMLC) released the implementing rules and regulations (IRR) that cover casinos operating in the Philippines, including online and ship-based gaming operations. The IRR was published on October 20 and will take effect on November 4.

The new regulations establish that casinos must set up customer identification processes and internal money-laundering prevention programs to match parallel customer standards imposed on banks and other financial institutions. The IRR was drafted by the AMLC along with the Philippine Amusement and Gaming Corp. (PAGCOR), the Cagayan Economic Zone Authority and the Aurora Pacific Economic Zone and Freeport Authority, local media reported.

Casinos must implement “sound risk management policies” to control and check potential dirty money and terrorist transactions, and the system will be overseen by a compliance officer and a senior management. “Casinos shall also provide a mechanism by which customers’ transactions and identification information will be continuously monitored and updated,” says the IRR.

Moreover, the gambling facilities should install a system to understand the activity of their customers and require them identification documents before opening an account or redeeming prizes, as well as conduct studies on players to make sure that they’re in “physical” control on the bets that they place on gaming gables. That type of information has to be preserved at least for five years.

Asia

Sands China Obtains Exemptions on Credit Facility

Niji Narayan

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Sands China Obtains Exemptions on Credit Facility
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Sands China Ltd, the Macau subsidiary of Las Vegas Sands, has made changes to the terms of a US$ 2.0 billion loan facility that it owns.

The revolving unsecured credit facility was approved by Sands China in November 2018 and it is valid until July 31, 2023. The facility involves a host of banks and has Bank of China Ltd, Macau Branch, as the lenders’ representative.

The revised terms allow for the agent and borrowers to “waive any default that may arise as a result of any breach of the requirements” even in the restated form.

The other changes are the following: the borrowers waiving Sands China’s conditions to ensure that its combined leverage ratio on the last day of any quarter does not exceed 4 to 1; and the combined interest coverage ratio on the last day of any quarter is greater than 2.5 to 1.

The lenders also decided to “extend the period of time during which the company may supply the [lenders’] agent with its audited consolidated financial statements for the financial year ended on December 31, 2019; to April 30, 2020;” with a similar loosening of the deadline for disclosing the results of the 2020 financial year – namely to April 30, 2021.

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Asia

Cambodian PM Orders Shut Down of Casinos

Niji Narayan

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Cambodian PM Orders Shut Down of Casinos
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Cambodian Prime Minister Hun Sen has ordered that all casinos in the country should be shut down as a preventive measure against the spread of the coronavirus.

Under measures introduced by the Ministry of Economy and Finance to combat the spread of COVID-19, all casinos in the country have to close its operations from 11.59 pm on Wednesday 1 April until further notice with the government to “take action in accordance with the law in force accordingly” against any operators that fail to comply.

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Asia

Osaka Extends Casino RFP Deadline

Niji Narayan

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Osaka Extends Casino RFP Deadline
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The Government of Osaka prefecture has extended the casino RFP deadline by three months in view of the coronavirus pandemic.

The Osaka Government announced last week that it will allow three more months as a result of the global coronavirus pandemic. The government is still hopeful of realizing its 2026 goal for starting an IR, but the present health scenario is likely to force further delays.

Along with the delay in RFP, the decision on choosing a private-sector partner to participate in the project will also be pushed back.

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