Philippine casinos tighten up money laundering controls with ID requirement _ Casinopedia money laundering vancouver

Philippine casinos tighten up money laundering controls with ID requirement _ Casinopedia money laundering vancouver

• casinos must verify identities and store customer data

• door still open for proxy betting, with restrictions

Casinos in the philippines will be subject to stricter rules over establishing player identities, reports GGR asia, as the government aims to reduce money laundering and fraud enabled by the casino industry. President rodrigo duterte

Players will be required to present identity documents in order to access land-based casinos, and venues must retain player details for a minimum of five years.

The wording of this new legislation appears to leave the door open for proxy betting, despite other asian gambling markets moving to block telephone bets.

Philippine casinos will also have a far higher cap on automatic transaction reporting, suggesting the government is trying to balance stricter anti-fraud rules with appeasing the thriving VIP and high roller gaming market.Money laundering vancouver

amendments to anti-money laundering act

Friday’s announcement revealed updates to an existing anti-money laundering statute designed to prevent fraud facilitated by the casino industry.

All gamblers who play at licensed tables will be required to show valid identity documents, and casinos will need to retain that information for at least five years in case the authorities wish to follow up on suspicious transactions.

Players will no longer be allowed to use aliases, and withdrawals will almost always require face to face contact with the account holder. Proxy betting not formally prohibited

Despite these tougher rules, philippine casino laws are less restrictive than those in other gaming markets. The cap for mandatory reporting of large transactions has been raised to PHP5 million (US$97,000), which is far higher than the united states’ $3,000 trigger point, and there will be some digital payment transfers allowed in certain circumstances where face to face contact is not convenient.Money laundering vancouver

The updated rules for casinos include a directive that states, “casinos shall establish and record the true identity of their customers based on identification documents… upon opening of an account or redemption of casino chips or tokens.”

However, the document also states that, “casinos shall know their customers and, to the extent possible, the intermediary and the person or entity on whose behalf the transaction is being conducted.”

This suggests that manila gambling venues will still allow proxy betting, where an agent places telephone or online casino bets for an overseas player.

Macau recently moved to outlaw telephone betting and many european and american casinos ban the use of mobile devices at gaming tables.

However, philippine casinos will still permit proxy bets, providing the agent supplies identity documents as per the new rules.

• casinos must verify identities and store customer data

money laundering vancouver

• door still open for proxy betting, with restrictions

Casinos in the philippines will be subject to stricter rules over establishing player identities, reports GGR asia, as the government aims to reduce money laundering and fraud enabled by the casino industry. President rodrigo duterte

Players will be required to present identity documents in order to access land-based casinos, and venues must retain player details for a minimum of five years.

The wording of this new legislation appears to leave the door open for proxy betting, despite other asian gambling markets moving to block telephone bets.

Philippine casinos will also have a far higher cap on automatic transaction reporting, suggesting the government is trying to balance stricter anti-fraud rules with appeasing the thriving VIP and high roller gaming market. Amendments to anti-money laundering act

money laundering vancouver

Friday’s announcement revealed updates to an existing anti-money laundering statute designed to prevent fraud facilitated by the casino industry.

All gamblers who play at licensed tables will be required to show valid identity documents, and casinos will need to retain that information for at least five years in case the authorities wish to follow up on suspicious transactions.

Players will no longer be allowed to use aliases, and withdrawals will almost always require face to face contact with the account holder. Proxy betting not formally prohibited

Despite these tougher rules, philippine casino laws are less restrictive than those in other gaming markets. The cap for mandatory reporting of large transactions has been raised to PHP5 million (US$97,000), which is far higher than the united states’ $3,000 trigger point, and there will be some digital payment transfers allowed in certain circumstances where face to face contact is not convenient.Money laundering vancouver

The updated rules for casinos include a directive that states, “casinos shall establish and record the true identity of their customers based on identification documents… upon opening of an account or redemption of casino chips or tokens.”

However, the document also states that, “casinos shall know their customers and, to the extent possible, the intermediary and the person or entity on whose behalf the transaction is being conducted.”

This suggests that manila gambling venues will still allow proxy betting, where an agent places telephone or online casino bets for an overseas player.

Macau recently moved to outlaw telephone betting and many european and american casinos ban the use of mobile devices at gaming tables.

However, philippine casinos will still permit proxy bets, providing the agent supplies identity documents as per the new rules.