SiGMA

POGOs: AML reporting becomes necessity

Added: Feb 22, 2021 11:52 Category: Asia , Regulatory , Posted by
sw

POGOs must register to an electronic reporting system due to their risk of money laundering

Philippine Offshore Gaming Operators (POGOs) has been given a one month notice period to register on an electronic reporting system of the Anti Money Laundering Council (AMLC). The deadline to register is March 16, 2021.

The new regulation regarding anti-money laundering reporting comes after an amendment to the Anti-Money Laundering Act of 2001.

This amendment now sees real estate developers (REDs), real estate brokers (REBs), offshore gaming operators (OGOs) and OGO-service providers (OGO-SPs) all subject to anti-money laundering reporting.

“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 abide by these new rules and register with the AMLC’s electronic reporting system would result in a money laundering offense ‘per Sec.4 of the AMLA.’

POGOs anti money laundering - SiGMA NEWSThere has been concerns surrounding POGOs as the AMLC cautioned that online gambling firms and the service providers could potentially be a money laundering risk.

This has resulted in the AMLC issuing a number of recommendations to improve oversight and know your customer (KYC).

This move comes as the Philippines is doing its utmost to avoid punishment from the Financial Action Task Force (a global anti-money laundering watchdog), which includes blacklisting.

Source: GGRasia

 

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