HALISTER1: Philippine Gaming Agency Probes Money Laundering Allegations

Philippine Gaming Agency Probes Money Laundering Allegations

(Bloomberg) -- Philippine Amusement started investigation on new report that ~$100m of funds with suspicious origins remitted to bank accounts of 3 casinos, it says in statement.
  • Regulator expects casinos to submit comments this week
  • Agency known as Pagcor requires casinos to employ strict internal control policies on fund movements and issuances of playing chips
  • Casinos implement “know your customer” protocols, records of financial transactions can be scrutinized by Pagcor on demand
  • None of casinos mentioned in report have accounts with bank through which funds in question entered Philippine financial system
  • “While it is doing its own inquiry, Pagcor believes that the Anti-Money Laundering Council is currently in a better position to deal with the issue as the casino industry also relies on the AMLC safeguards within the Philippine banking system,” agency says; adds agency has been one of council’s resources in course of review of anti-money laundering law
  • NOTE: Philippines Probes $100m Money Laundering Via Banks: Inquirer Link
  • NOTE: Philippines Faces Risk of Return to Money Launder Watchlist: SEC Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1007Z PM (Philippine Amusement & Gaming Corp)

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