• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Philippines AML bill covering casinos nears final vote

May 26, 2017 Newsdesk Latest News, Philippines, Top of the deck  


Philippines AML bill covering casinos nears final vote

The Philippine Senate has moved closer to including casinos in the list of institutions covered by the country’s Anti-Money Laundering Act, after it approved on Wednesday the second reading of Senate Bill 1468.

The Senate is expected to pass the bill on a third and final reading next week, in order to have it enacted into law by June, reported the Manilla Bulletin newspaper.

Senate Bill 1468 proposes to add casinos – namely land-based, Internet and ship-based casinos – to the list of bodies that are required to report suspicious transactions under the Philippines’ Anti-Money Laundering Act.

The bill also suggests the inclusion in the Anti-Money Laundering Act of “chipwashing and junket operators”, defined in the bill as “any person who brings a person, a group of persons, or junket players in the casino premises to participate in the gaming operations”. The casino regulatory manual of the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), makes it clear that “chipwashing and junket operators” are deemed to be third-party commercial actors in the gaming sector.

Senate Bill 1468 also requires land-based, Internet and ship-based casinos to report to the country’s Anti-Money Laundering Council (AMLC) what is referred to as “covered transactions”. Casinos must report any single casino cash transaction that involves an amount of more than PHP5 million (US$100,000) or its equivalent in any other currency, according to the bill.

Senator Francis Escudero, who sponsored the bill, said Senate Bill 1468 should be enacted into law before a June deadline set by the Asia/Pacific Group on Money Laundering; otherwise the Philippines faced being blacklisted by that body. Mr Escudero was quoted saying that the blacklist tag would put the country under stringent international financial scrutiny.

The inclusion of casinos in the Philippines’ Anti-Money Laundering Act was also one of the recommendations of the Paris-based Financial Action Task Force (FATF) – a global body responsible for bolstering the fight against worldwide money laundering – in order to avoid the potential blacklisting of that country.

Senate Bill 1468 shall take effect 15 days following its publication. Within 90 days after the bill becoming effective, the AMLC, Pagcor and other government regulatory agencies shall jointly promulgate the supporting rules and regulations to implement the provisions of the revised law, according to the bill.

The Philippines casino industry came under renewed international scrutiny – regarding anti-money laundering controls – when news broke in March 2016 that hackers had allegedly stolen US$81 million from Bangladesh central bank accounts held at the Federal Reserve Bank of New York, with some of that money allegedly finding its way into the Philippines’ casino sector.

In a report in March this year, the U.S. Department of State said the Philippines’ anti-money laundering rules remained sketchy despite the 2016 heist.


  • tweet
Related articles
  • Philippines 1Q casino GGR up 15pct q-o-q to US$627mln
    Philippines 1Q casino GGR up 15pct...

    May 11, 2022  

  • Newly-elected president Marcos’ in-tray has gaming
    Newly-elected president Marcos’...

    May 10, 2022  

More news
  • New Lim cruise biz only months after GEN HK in liquidation
    New Lim cruise biz only months after...

    May 18, 2022  

  • Kangwon drove 2021 S.Korea casino revenue growth: govt
    Kangwon drove 2021 S.Korea casino...

    May 18, 2022  


Latest News

New Lim cruise biz only months after GEN HK in liquidation

New Lim cruise biz only months after GEN HK in liquidation

May 18, 2022  

A casino cruise brand reportedly controlled by Malaysian entrepreneur Lim Kok Thay is to launch services from Singapore fewer than five months after the Lim family-founded Dream Cruises brand of the...
Read More
Kangwon drove 2021 S.Korea casino revenue growth: govt

Kangwon drove 2021 S.Korea casino revenue growth: govt

May 18, 2022  

Over 7.9mln Bloomberry shares vested to some senior execs

Over 7.9mln Bloomberry shares vested to some senior execs

May 18, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$10 billion

Target set by gaming equipment and online content provider Light & Wonder for total capital creation from 2022 to 2025



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
  • Alleged bribe offer to ex-Wynn manager probed by HK, MacauAlleged bribe offer to ex-Wynn manager probed by HK, Macau May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us