Covered Persons (CPs) are hereby reminded that transactions involving online casinos and online gambling platforms must be conducted exclusively with entities duly registered with the Philippine Amusement and Gaming Corporation (PAGCOR).
CPs are expected to maintain heightened vigilance by monitoring customer transactions involving online gambling activities, updating customer profiles as necessary, and conducting Enhanced Due Diligence when warranted, in accordance with their Money Laundering and Terrorism Financing Prevention Program.
CPs are strongly advised to consider the risks associated with engaging in online casinos and online gambling platforms, and to file a Suspicious Transaction Report (STR), if warranted.
Failure to comply with this directive may result in the imposition of applicable administrative sanctions under the Rules of Procedure in Administrative Cases (RPAC), as promulgated by the Anti-Money Laundering Council (AMLC).