Philippine authorities are concerned about money laundering in online casinos

The Philippine Government Agency (AMLC), also known as the Anti-Money Laundering Council, has raised concerns about the risk of money laundering by gambling establishments from POGO – Philippine offshore gaming operators.
Reportedly, following a risk assessment conducted by the board, the results showed that there is a growing threat of money laundering and other fraudulent activities, especially a high level of cash and check transactions.
The AMLC report says that online casino transactions show a significant level of use of cash that is susceptible to money laundering, given that it is difficult to determine the ultimate source and recipient of these funds. There is also a high level of use of check-related transactions. Cash and check transactions are considered unusual as they differ from the business transactions of online casinos.
The agency is making a number of improvement recommendations to tighten inspections and more closely monitor activities and transactions, including reassessment of certificates and licenses, Philippine offshore gaming operators, increased levels of compliance and oversight along with regulatory assessments and regular review of enforcement powers.
The Anti-Money Laundering Council is an agency created to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines is not used as a money laundering location for the proceeds of any illegal activity. Last year, the Anti-Money Laundering Council closed about 200 online casinos and service providers illegally serving online games.

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