News – PH – POGOs have one month to register for the money laundering system


Filipino Offshore Gaming Operators (POGOs) have one month to register for the electronic reporting system managed by the Anti-Money Laundering Council (AMLC)

The new rule comes after an amendment to the Money Laundering Act of 2001 was passed that includes real estate developers and brokers, as well as offshore gambling operators as individuals covered by the act

The amendment states: “These individuals and organizations are required to report covered and suspicious transactions to the AMLC within the prescribed time limit and for the threshold amount set by law

“Failure to register would mean that covered and suspicious transaction reports are not electronically filed with the AMLC, which is a money laundering offense”

According to the new regulation, violations with assets of 50 billion PHP (1 billion USD) or more with a maximum fine of 5 million PHP penalized, and companies with assets of 10 million PHP or less will come with fines of 10000 to 500000 PHP occupies

Pressure for the change came from the Financial Action Task Force (FATF), based in Paris, when it forced the Philippines to tighten its anti-money laundering bill as the country could be blacklisted

House Speaker Lord Allan Velasco said: “The Philippines cannot afford to be on this list as it would further damage the economy that is already suffering from the devastating effects of the COVID-19 pandemic has to fight “

Money Laundering, Anti Money Laundering Council, ACI Worldwide

News – PH – POGOs have one month to register for the Anti Money Laundering System