Philippine casinos urged to keep digital records

The Anti-Money Laundering Council reported that operators will be required to keep records as part of their new guidelines.

Philippines.- Casinos in the Philippines will be required to keep digital records of their customers in their own databases under the Anti-Money Laundering Council’s new guidelines. The body released its guidelines in order to promote the implementation of new measures to combat money laundering under the Anti-Money Laundering Act.

Last year, the council established that all casinos would have to ask for an identity document from gamblers and keep records of their activity for five years. However, this year there were further changes that require operators to file a report within five working days in the event of any “covered transaction” where the amount involved is €80k or larger.

Casinos should be able to quickly deliver records to compliance officers or other authorised personnel or even upload records to the council, the watchdog explained. Said quick digitalisation is expected to allow authorised officials to analyse finances of customers proactively.

“If money launderers and terrorists discover our investigation, it is a foregone conclusion that they would spirit away their assets, and thereby defeat the intention of the law,” Anti-Money Laundering Council Secretariat executive director Mel Georgie Racela said.