Five Philippine IRs register with AMLC

Five integrated resorts have registered with the Anti-Money Laundering Council (AMLC), following policy guidelines from the Financial Action Task Force (FATF).

According to an announcement from the AMLC, the integrated resort operators include Travellers International Hotel Group; Widus International Leisure; Bloomberry Resorts and Hotels, Inc.; Melco Resorts Leisure (PHP) Corporation; and Tiger Resort Leisure and Entertainment, Inc.

The registration was in line with AMLC issuances, namely, the AMLC Registration and Reporting Guidelines for Casinos (ARRGC), and the Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions (DNFBP Guidelines).

Under the ARRGC, IRs and other casinos, including those owned/operated by Philippine Amusement and Gaming Corporation (PAGCOR) are required to register with the AMLC by 19 August, 2018.

The AMLC has been eyeing ways to strengthen the country’s casino against illegal money laundering for some time.

In November 2017, AMLC released a 23-page document setting 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.