POGOs Are Required to Submit Suspicious Transaction Reports

By | February 22, 2021

Philippine gambling companies, which provide services not only for the country’s residents but also for international customers, will now need to follow certain AMLC requirements to continue operation.

A set of changes in the Anti-Money Laundering Act is discussed in the hottest news about the gambling industry in the Philippines. It obliges POGOs to submit reports about doubtful transactions.

Registration is a must for all offshore firms

According to new rules, such gambling companies have to register in a special system created by the Anti-Money Laundering Council (AMLC). Within it, operators will report on suspicious cases connected with financial operations. If they don’t abide by the terms, it will mean a breach of the law and punishment. It is expected that the amount of penalty will depend on a company’s turnover. The maximum sum will be $1 billion, and the minimum – $200.

It is worth mentioning that the new requirements should help the Philippines’ anti-money laundering to improve the reputation as it is still considered as not well-regulated vertical. Although the Council has also taken other measures to make the situation better, gambling firms have always been the biggest risk to it. Now the main question is whether they will be able to comply with the rules.

Read more: Ultimate guide to obtaining a license for gambling in Europe

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