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Philippines casinos facing tighter controls

Ben Blaschke
Written by Ben Blaschke

Casinos could be included in tightened Philippines anti-money laundering laws set to be introduced in May, according to Senate President Aquilino Pimentel.

The move comes in the wake of last year’s Bangladesh Bank breach which saw US$81 million disappear through casinos in the Philippines.

The Senate will approve its new bill in May which would require casinos to report any accumulated bets of US$60,000 or more within a 24-hour period to the nation’s anti-money laundering body.

“The pending bill is one of the products of the (senate) investigation,” Pimentel said, noting that casinos would be required to adopt strict new measures.

“First, they will have to know their players, their customers. And within a 24-hour period, if there are bets of P3 million or more, then that’s already a covered transaction.”

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