AMLC Alerts to P14 Billion in Online Casino Transactions Linked to Money Laundering Scheme  

The Philippines’ Anti-Money Laundering Council (AMLC) has identified P14 billion in online casino funds that may be a part of a sophisticated money laundering scheme. The transactions in question span the years 2013 through 2019 and total more than 1,031 unique transactions. The majority of the questionable transactions peaked in 2016 with 332 suspicious transactions, according to the seven years’ worth of suspicious transaction reports (STR). In terms of volume, the majority of STRs were filed with no underlying contractual or trade obligation.

Following was included in the analysis:

  • Interactive gaming support service providers (IGSSPs).
  • Service providers (S.P.’s).
  • Philippine offshore gambling operators (POGOs).
  • Gaming laboratories (G.L.).
  • Interactive gaming licenses (IGLs).

The majority of STRs, over 957 reports, were produced by service providers.

AMLC Alerts to P14 Billion in Online Casino Transactions Linked to Money Laundering Scheme  

What Purpose Serves the AMLC?

R.A. established the Anti-Money Laundering Council. No. 9160 was passed to safeguard banking account integrity and prevent the Philippines from being used to launder the proceeds of illegal activity. By investigating transactions and freezing accounts they deem suspicious, the AMLC, which regulates financial transactions in the Philippines, combats money laundering and other illegal activity. If a scheme is discovered, they have the right to seize money and ask the Philippine judiciary to bring charges against the perpetrators.

Are Philippine Online Casinos Legal and Used For Money Laundering?

No financial sector is safe from money laundering. However, legitimate Philippine online casinos take measures to make sure that money laundering schemes are exposed and that the proper legal action is taken against the suspected individuals or groups. All online casinos have a vested interest in preventing their accounts from being audited or frozen, so it is in everyone’s best interest to expose money laundering schemes. Money laundering is not a concern for law-abiding citizens, but it may be for businesses that accept those funds.

Can I play at Philippine-friendly online casinos?

When looking for a trustworthy and authorized online casino, FAFA855 is a great place to start. The online casinos we suggest operate from reputable gaming jurisdictions and adhere to compliance records from oversight agencies, frequently governmental organizations, to assure their players that they are providing a legitimate service.

Disclaimer: While not all unlicensed casinos are bad or engaging in illegal activity, it is a good idea to stick with licensed sites to avoid account lockouts, missed payments, and other inconsistencies that can happen with unregulated sites. Many rogue casinos operate online without the necessary licenses.