Good Morning. Compliance, compliance. Operators within the Philippines are facing a closing net, as regulators push further strict measures on the industry. But the onus is on the casino managers themselves, notes a lawyer, in particular when it comes to junket activities. Meanwhile, Australia is seeing an interesting week, as the country approves the ban on credit cards for gambling purposes. And in Sydney, The Star has been given a six month deadline to return to compliance or be shut down.
What you need to know
- Responsibility for AML compliance squarely rests on the shoulders of Philippines casino operators: industry lawyer.
- Australia approves digital currency and credit card online gambling ban, in furtherance of efforts for gambling harm reduction.
- The Star Sydney has been given a six month deadline by authorities to prove it should get back its casino license, or face closure.
On the radar
- SJM Holdings appoints Ip Shih Ming as new CFO.
- GKL reports a 2.6 percent monthly drop in gaming revenue for November.
- Imperial Pacific handed 30 days to repay $62 mln in owed casino license fees.
- Macau government disagrees with Moody’s over ‘negative’ outlook.
The Philippines is fighting to get itself off the Financial Action Task Force (FATF) graylist, with numerous criteria still to fulfill. Amongst them is junket oversight, which still falls under the purview of the casino – given the location on the gaming floor. Despite increased efforts by authorities, the nation needs to be able to prove to the FATF that it’s trying to change, and implementing stringent oversight measures.
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