AWARD WINNER

We've been recognized as "Best Hosting Provider of the Year"

Read More
  • +357 2425 0808
  • Login
  • English

Home

Blog

Philippines: New AML requirements for ca...

Philippines: New AML requirements for casinos and online gaming operators

Philippines: New AML requirements for casinos and online gaming operators

NetShop ISP

NetShop ISP · Blog Author

May 26, 2017 · Archive

Philippine casinos and online gaming operators will face new AML (Anti-Money Laundering) rules as the legislators try to limit the industry’s freewheeling reputation.

The Philippine Senate is about to approve amendments to the Anti-Money Laundering Act (AMLA) after a pressure by Senator Chiz Escudero who is the chairman of the Senate Committee on Banks, Financial Institutions and Currencies.

On Wednesday, the Senate approved the second reading of SB 1468, which will bring casino operators under the Anti-Money Laundering Act (AMLA) for the first time. The third and final reading will be on next week, in order to comply with a deadline imposed by the Asia-Pacific Group on Money Laundering (APG).

As Escudero said on Thursday, the Senate should pass Senate Bill No. 1468 before the June 2017 deadline given by the Asia/Pacific Group on Money Laundering (APG). “Failure to enact the required legislation within the given time frame would put the Philippines under monitoring of the International Review Group of the FATF, which could eventually result in the possible blacklisting of the Philippines,” Escudero said.

Casinos would report to the Anti-Money Laundering Council if the accumulated bets within a 24-hour period reached P3 million ($60,000), as per the proposed amendment.

Last year’s cyber-theft of $81 million from the Bangladesh Bank account in the Federal Reserve Bank of New York is the reason of reviewing the Law. The stolen money was diverted to four fake bank accounts in the Philippines. To date, only a small amount of that money has been recovered. US security officials have suggested that North Korea was behind it.

Press Releases
65

Free VPS Trial

No Credit Card Required.

Recent Posts

NetShop ISP EMEA Tour Continues: Forex Expo 2023 in Dubai

NetShop ISP EMEA Tour Continues: Forex Expo 2023 in Dubai

25 September, 2023

How To Resolve cPanel Error “Cannot create account because it conflicts with an unmanaged MySQL database user”

How To Resolve cPanel Error “Cannot create account because it conflicts with an unmanaged MySQL database user”

13 September, 2023

NetShop ISP Proud Sponsor of FXGathering Vol. 4

NetShop ISP Proud Sponsor of FXGathering Vol. 4

10 September, 2023

NetShop ISP Triumphs as Best Hosting Provider of the Year at SiGMA CIS/Balkans Awards 2023

NetShop ISP Triumphs as Best Hosting Provider of the Year at SiGMA CIS/Balkans Awards 2023

08 September, 2023

How To Install MySQL 8.x on Windows Server 2022

How To Install MySQL 8.x on Windows Server 2022

04 September, 2023

#letushostyou

Award Winning Hosting Provider established in 2004.

Best iGaming Service ProviderISO Certified

120 Faneromenis Avenue, Imperial Tower, 2nd Floor, Larnaca 6031, Cyprus

Products

Bare Metal Servers

Customized Servers

Virtual / Cloud Servers

Forex VPS

Storage VPS

cPanel Web Hosting

Reseller Web Hosting

Colocation

Addons

Premium DNS

Email Hosting

Cloud Backup

DDoS Protection

Licenses

SSL Certificates

Domain Names

Premium SLAs

About Us

Data Center Locations

Looking Glass

Our Company

Contact Us

Careers in Cyprus

Become a Partner

Awards

Certifications

© 2023 S.S. NetShop Internet Services Ltd. All rights reserved.  Terms & Conditions  |  Privacy Policy
CY Reg. Number: HE 217340 | EU VAT Number: CY10217340J

Visa
Mastercard
PayPal
Bitcoin
Tether
Ethereum
Litecoin
Wise
Revolut
Wire Transfer