Pogos refusing to report red flags face money laundering rap, penalties, says AMLC
27 Sep 2019

Investors in Philippine Offshore Gaming Operations (Pogos) are also required to report suspicious transactions to the Anti-Money Laundering Council (AMLC) to prevent the growing online casino industry, catering mainly to Chinese players, from becoming a conduit for money laundering.

At the Senate finance committee hearing on AMLC’s proposed 2020 budget, Council Executive Director Mel Georgie B. Racela said Pogos since 2017 had been required to heed the “Know Your Customer” rule and report suspicious transactions.

Pogo firms must report these transactions to AMLC in five days, Racela told the committee.

Racela, asked by panel chair Sen. Sonny Angara, said the Pogo service provider shuttered by the Bureau of Internal Revenue (BIR) last Wednesday, Sept. 25, was among those lacking compliance with AMLC rules.

Racela, however, told reporters later that the Philippine Amusement and Gaming Corp. (Pagcor), which licences Pogo operations, has yet to refer the service provider, Great Empire Gaming and Amusement Corp., to AMLC for investigation.

“Pagcor as the primary supervisor [of the Pogo sector] must refer” the case to AMLC, he said.

By Ben O. de Vera, INQUIRER.net, 26 September 2019

Read more at INQUIRER.net

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