AMLC released new regulations
The council that treats anti money laundering measures released last week the new regulations that will take effect next month.
Philippines.- The 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.
“[N]o withdrawal or transfer of funds from the account of the customer shall be processed without conducting a face-to-face contact,” reads the 23-page IRR. Casinos under the AMCL rules will be forced to conduct know-your-customers (KYC) procedures, report suspicious transactions, casino covered cash transactions of approximately US$100k and keep records of KYC documents and transactions, among other things.
