posted 6 months ago
The Anti-Money Laundering Council (AMLC) issued a reminder to all covered persons on the prohibition against transactions involving online gambling platforms not registered with Philippine Amusement and Gaming Corporation (PAGCOR).
In view of the foregoing, all covered persons (CPs) supervised and regulated by the Securities and Exchange Commission (SEC) are hereby reminded that transactions involving online casinos and online gambling platforms must be conducted exclusively with entities duly registered with the PAGCOR.
SEC 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.
SEC 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 SEC Memorandum Circular No. 16, Series of 2018, and the Rules of Procedure in Administrative Cases (RPAC), as promulgated by the AMLC.
To access the copy of the reminder issued by the AMLC, please refer to this link: http://www.amlc.gov.ph/16-news-and-announcements/601-reminder-to-covered-persons-on-the-prohibition-against-transactions-involving-online-gambling-platforms-not-registered-with-pagcor?tmpl=component&print=1&page=
For information and strict compliance, Read this Notice on the SEC website: https://www.sec.gov.ph/…/notice-to-sec-covered-persons…/
Stay informed with the latest legal developments at Global Law Experts
Author
Find the right Legal Expert for your business
Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox.
Naturally you can unsubscribe at any time.
Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.
Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.
Send welcome message
