Two POGOs failed to cooperate with the Anti-Money Laundering Council (AMLC) in the conduct of its compliance checking.
The Philippines.- Two Philippine Offshore Gaming Operators (POGOs), MG Universal Link Limited (MG Universal) and Inner Strong Limited (Inner Strong) have had their registrations revoked by the AMLC. According to the regulator, the two POGOs failed to cooperate with its compliance checking.
Through a statement, the AMLC said: “Failure or refusal to cooperate would mean non-compliance and will be subject to such penalties and sanctions.”
The regulator said: “Supervising Authorities are further informed that the AMLC resolved to revoke the registration of those covered persons who failed or refused to cooperate with the AMLC.”
In February, POGOs were ordered to register for the electronic reporting system managed by the AMLC. The decision followed an amendment to the Philippines’ Anti-Money Laundering Act of 2001 that includes real estate developers and brokers, and offshore gaming operators under the Act.
The new regulation reads: “These persons and entities are required to report covered and suspicious transactions to the AMLC within the period prescribed and for the threshold amount fixed by the law.”
Failure to register would mean “a failure to electronically file covered and suspicious transaction reports with the AMLC, which is a money laundering offence.”
Those who violate the new rule could face a maximum penalty of PHP5m (US$102,659) if they have assets worth PHP50bn (US$1bn) or more.