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AML laws come into force

Casinos in the Philippines will have to comply with the country’s Anti Money Laundering guidelines from Jan 4 this year.

The government changed regulations to include casinos for the first time last year after money stolen from the Bangladesh Central Bank found its way into Manila’s casinos.

On 05 December 2017, the “AMLC Registration and Reporting Guidelines” were published in the Business World, a newspaper of general circulation, and filed with the Office of the National Administrative Register at the University of the Philippines Law Center, the Anti Money Laundering Council said.
The ARRG would take effect thirty days from publication and filing, or on 04 January 2018. The requirements for the Uploading of Know-Your-Customer Documents and the Uploading of Electronic Returns (E-Returns) for freeze orders shall take effect on the first banking day of January 2018.

AGB will be taking a deeper look at the new laws and their likely impact on the sector in next Friday’s intelligence briefing.

More news from this jurisdiction

PhilippinesWednesday, Jan 24, 2018

Bloomberry Resorts and Hotels Inc. is giving up to two million shares of the company as a reward to Solaire’s loyal patrons as part of a marketing program.

PhilippinesFriday, Jan 19, 2018

Philippine President Rodrigo Duterte has ordered the strict implementation of a law that prohibits public servants from entering casinos in the country.

PhilippinesMonday, Jan 15, 2018

A retired military general is set to fill the position left by Philippine Charity Sweepstakes Office (PCSO) chairman, Jose Jorge Corpuz, who retired last week.

PhilippinesSunday, Jan 14, 2018

President Rodrigo Duterte on Thursday held a meeting with the top executives of Melco Resorts and Entertainment.

PhilippinesSunday, Jan 14, 2018

Chairman of the Philippine Charity Sweepstakes Office Jose Jorge Corpuz has resigned from his position as chairman, according to an announcement on Friday.

PhilippinesThursday, Jan 11, 2018

Philippine Amusement and Gaming Corporation (PAGCOR) has launched a second auction for two parcels of land occupied by Bloomberry’s Solaire Resort and Casino.

PhilippinesThursday, Jan 11, 2018

Philippine police have rescued a Taiwanese man from a kidnap-for-ransom gang in Paranaque City, local media reports.