Connect with us
SIS

Asia

The Anti-Money Laundering Council released new regulations

George Miller

Published

on

AMLC released new regulations
Reading Time: < 1 minute

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.

Advertisement
NSoft at ICE2020

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.