Philippines new AML laws to take effect Nov 4

Solaire tables

The Philippines Anti-Money Laundering Council (AMLC) on Friday released its new set of rules aimed at strengthening the country’s casinos against illegal money laundering.

The 23 page document sets out new rules and regulations which apply to all casinos in the country including internet and ship-based casinos.

One of the new rules stipulates that the full identity of casino customer must be recorded and verified through the use of identity cards, which need to be presented by the customer upon opening an account or redeeming casino chips in the casino gaming area.

At the minimum, a casino needs to record the name of the customer; date and place of birth; present address; permanent address; contact number or information; nationality; proof of identification and identification number; nature of work, name of employer, or nature of self-employment/business; and source of funds.

Casinos will also be required to implement an electronic AML monitoring system, which will allow a casino to determine if a customer’s actions are “normal and reasonable” after taking into account the customer’s gaming activities, risk profile and source of funds.

The same scrutiny will also apply to any persons that may be making a casino transaction on behalf of another, according to the AMLC.

As previously reported, the rules also require casinos to report suspicious transactions and cash transactions exceeding P5 million, as well as to keep records of KYC documents and transactions.

The new rules take force from November 4.