AML laws come into force

Casinos in the Philippines will have to comply with the country’s Anti Money Laundering guidelines from Jan 4 this year.

The government changed regulations to include casinos for the first time last year after money stolen from the Bangladesh Central Bank found its way into Manila’s casinos.

On 05 December 2017, the “AMLC Registration and Reporting Guidelines” were published in the Business World, a newspaper of general circulation, and filed with the Office of the National Administrative Register at the University of the Philippines Law Center, the Anti Money Laundering Council said.
The ARRG would take effect thirty days from publication and filing, or on 04 January 2018. The requirements for the Uploading of Know-Your-Customer Documents and the Uploading of Electronic Returns (E-Returns) for freeze orders shall take effect on the first banking day of January 2018.

AGB will be taking a deeper look at the new laws and their likely impact on the sector in next Friday’s intelligence briefing.