PHILIPPINES BANKS WARNED OVER ILLEGAL ONLINE GAMBLING
The Philippines.- The Bangko Sentral ng Pilipinas (BSP) has warned financial institutions in the country not to allow the movement of funds for online gambling.
BSP deputy governor Chuchi Fonacier reminded BSP-supervised institutions that they must follow requirements on customer due diligence and the monitoring and reporting of suspicious transactions. They must also enforce risk management practices
The reminder was issued to banks, financial institutions, including remittance transfer companies, virtual currency exchanges, electronic money issuers and operators of payment systems.
Fonacier said: “BSFIs are also reminded to, among others, deal only with gambling and/or online gaming businesses that are authorized/licensed by or registered with the appropriate government agency duly empowered by law.”
The state regulator, the Philippine Amusement and Gaming Corp (PAGCOR), has asked for the BSP’s assistance, along with that of the Anti-Money Laundering Council (AMLC) to conduct an investigation into banks, remittance services, and payment solutions used by illegal online gambling operations.
Meanwhile, The Philippines’ lower congressional chamber has passed a bill imposing taxes on online gambling firms.