POGOs must register for Anti-Money Laundering reporting

The measure comes after Thailand took steps to avoid sanctions by Financial Action Task Force.
The measure comes after Thailand took steps to avoid sanctions by Financial Action Task Force.

The Philippines’ deadline for POGOs to register for electronic anti-money laundering reporting is March 16.

The Philippines.- Philippine Offshore Gaming Operators (POGOs) have been given until March 16 to register for the electronic reporting system managed by the Anti-Money Laundering Council (AMLC).

The decision follows 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.

Last week, The Philippines’ lower chamber passed a bill imposing taxes on online gambling which could bring in up to 144bn pesos (US$3bn) for the country.

In this article:
GAMBLING REGULATION POGOs