{"id":14533,"date":"2021-02-10T16:14:24","date_gmt":"2021-02-10T16:14:24","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=14533"},"modified":"2026-04-23T21:55:18","modified_gmt":"2026-04-24T00:55:18","slug":"philippines-banks-warned-over-illegal-online-gambling","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/philippines-banks-warned-over-illegal-online-gambling","title":{"rendered":"Philippines banks warned over illegal online gambling"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Philippines central bank wants to prevent local banks from moving funds for unlicensed online gaming or betting operators.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">The Philippines.-\u00a0The Bangko Sentral ng Pilipinas (BSP) has warned financial institutions in the country not to allow the movement of funds for online gambling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BSP deputy governor Chuchi Fonacier reminded BSP-supervised institutions that they must follow requirements on c<strong>ustomer due diligence and the monitoring and reporting of suspicious transactions<\/strong>. They must also<strong> enforce risk management practices<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reminder was issued to banks, financial institutions, including remittance transfer companies, virtual currency exchanges, electronic money issuers and operators of payment systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fonacier said: \u201cBSFIs 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.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The state regulator, the Philippine Amusement and Gaming Corp (PAGCOR), has <strong>asked for the BSP&#8217;s assistance<\/strong>, along with that of the Anti-Money Laundering Council (AMLC) to conduct an<strong> investigation into banks, remittance services, and payment solutions<\/strong> used by illegal online gambling operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, The Philippines\u2019 lower congressional chamber has passed a <em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-philippines-online-gaming-tax-bill-advances\" target=\"_blank\"><strong>bill imposing taxes on online gambling firms<\/strong><\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Philippines central bank wants to prevent local banks from moving funds for unlicensed online gaming or betting operators.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Bangko Sentral ng Pilipinas (BSP) has issued a directive to financial institutions, including banks and payment service providers, to cease processing funds for unlicensed online gambling operators. This initiative, supported by PAGCOR and the AMLC, aims to bolster regulatory compliance and anti-money laundering efforts within the iGaming sector. Concurrently, the Philippine lower congressional chamber has advanced legislation to tax online gambling firms.","focusai_entities":"Bangko Sentral ng Pilipinas (BSP), Chuchi Fonacier, Philippine Amusement and Gaming Corp (PAGCOR), Anti-Money Laundering Council (AMLC)","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), affiliate_publisher (0.7), marketing_crm (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"BSP Enforcement Mechanisms?","query":"What specific enforcement mechanisms will the BSP and PAGCOR deploy to identify and penalize financial institutions facilitating transactions for unlicensed iGaming operators?"},{"label":"Tax Bill & Regulatory Impact?","query":"How will the proposed taxation bill for online gambling firms interact with the current regulatory crackdown on unlicensed operations, and what are the projected revenue implications for the Philippine government?"}],"footnotes":""},"categories":[153,16333],"tags":[229,1897],"class_list":["post-14533","post","type-post","status-publish","format-standard","hentry","category-igaming-news","category-south-east-asia-news","tag-gambling","tag-igaming"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/14533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=14533"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/14533\/revisions"}],"predecessor-version":[{"id":14545,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/14533\/revisions\/14545"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=14533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=14533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=14533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}