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September 25, 2021

As part of the Anti-Money Laundering Law

Money laundering watchdog wants USD 3,000 casino limit

Money laundering watchdog wants USD 3,000 casino limit
The Financial Action Task Force (FATF), the global watchdog against money laundering, wants casinos around the globe to set a USD 3,000 threshold for players before being recorded as part of the Anti-Money Laundering Law.
Philippines | 03/31/2016

The Financial Action Task Force (FATF), the global watchdog against money laundering, wants casinos around the globe to set a USD 3,000 threshold for players before being recorded as part of the Anti-Money Laundering Law.

I

n fact the FATF wants the Philippine Amusement and Gaming Corp. (Pagcor), the state-owned gaming regulator to adopt the rule as part of the countries law. Pagcor has said it is amenable to the inclusion of casinos in the coverage of the law.

“We are very open to be part of AMLA (Anti-Money Laundering Act of 2001). We have already told Congress that we are willing to be covered by AMLA,” Pagcor chairman Cristino Naguiat said.

In its latest Anti-Money Laundering and Counter Terrorist Financing manual, the FATF said casinos should identify and verify the identity of customers who engage in financial transactions equal to or above $3,000.

 

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