MANILA, Philippines -- The Philippine Amusement and Gaming Corporation (Pagcor) has ordered casinos and other gaming entities to strengthen their anti-money laundering (AML) controls after issuing a new set of red flag indicators aimed at detecting transactions linked to corruption and illicit financial activities.
“Casinos must establish internal controls and risk-based procedures that are commensurate with money laundering risks inherent in their products, services, customer base, and delivery channels,” Pagcor said in a memorandum.
Under the memorandum, regulated entities are required to review and assess their existing AML and counter-terrorism financing controls and determine whether enhancements are necessary to effectively detect corruption-linked transactions.
The memorandum, Pagcor said, sought to help regulated gaming firms identify signs of corruption-related abuse and strengthen their customer checks, transaction monitoring and suspicious transaction reporting.
