PAGCOR signs MOU with Philippines Anti-Money Laundering Council

Posted: Jan 24, 2020 09:45 Category: Asia , Regulatory ,

The agreement will be based on collaboration and sharing of information related to AML initiatives

PAGCOR  has signed a MOU with the Philippines Anti-Money Laundering Council (AMLC). The agreement aims to improve cooperation around money laundering and terrorism financing risks.

The memorandum of understanding was signed at an official ceremony this week and seeks to support institutions that may be vulnerable to laundering, such as casinos, as well as tackle risks posed by the growth of the Philippine Offshore Gaming Operators (POGO) industry. The MoA will see the AMLC and PAGCOR collaborate in sharing information from various studies, research and information of emerging trends in money laundering and terrorism financing.

Speaking at the signing ceremony, AMLC Chairman Benjamin E. Diokno said: “The actionable information that we share with each other is important in supporting financial investigations. The latest National Risk Assessment notes a high sectoral money laundering threat among designated non-financial businesses and professions — including casinos which are highly vulnerable. This calls for strict enforcement of and compliance to anti-money laundering and counter-terrorism financing policies – urging the full cooperation of covered persons (including casinos) during the conduct of examinations – especially with the rise of POGOs.

“With Internet-based casinos, casino junket operations, and reduced transparency of high-rollers, there is much vulnerability in identifying sources and movements of funds.

“Similar to banks and other financial institutions, casinos undertake high-volume and high-speed financial activities but in the gaming context. Being generally large cash-based businesses, casinos are competitive in its growth and susceptible to criminal activity,” Mr Diokno added.

Since 2017, casinos in the Philippines became “covered persons” by the country’s Anti-Money Laundering Act, which requires them to provide information to the AMLC  regarding any covered transactions. Gaming operators must report any single casino cash transaction that involves an amount of more than PHP5 million (US$98,000) or its equivalent in any other currency.’

About SiGMA Expo:

The iGaming summit SiGMA is setting its sights on Asia. Our ground breaking Asian iGaming expo will be held in Manila, on the 8th & 9th of June 2020. SiGMA’s largest venue to date will bring together high quality conferences and content, premium networking opportunities, and luxury networking event. 10,000 delegates from across Europe, the US, and Asia are expected to attend, making this one of the biggest shows to unite East and West in the region. To become a part of the fastest paced Asian iGaming event, book a pass or sponsor & exhibit.

For those planning to attend SiGMA Manila, AIBC Manila and ICE Asia at SMX on June 8-9th, this is the buzzing business environment to be expected:

Related Posts

Behind the scenes of a…

With a team of exceptional professionals and an innovative, out-of-the-box mentality, Pablo Fernandez Veiga and Ruben Arias Jimenez from Surferpenguin…

PAGCOR to implement new technical…

Philippine gaming regulator PAGCOR has announced that it will be implementing new Technical Standards for electronic gaming machines (EGMs) starting…