BSP is reminding banks and non-banks to deal only with licensed gambling businesses.
BSP — The Bangko Sentral ng Pilipinas is reminding banks and non-banks to transact only with licensed gambling and online gaming businesses.
The central bank is reminding BSFIs (BSP supervised financial institutions) to transact only with gambling and online gaming businesses that are licensed by appropriate government agencies.
BSP Deputy Governor Chuchi G. Fonacier said in a circular released on March 9 that BSFIs should be aware of the latest advisory from AMLC (Anti-Money Laundering Council) of four “uncooperative covered persons”:
- MG Universal Link Limited (MG Universal)
- Inner Strong Limited (Inner Strong)
- Smarc Group International Limited (Smarc)
- New Wave Infotech Ltd.
According to Fonacier, all BSFIs are advised that “various covered persons” refused or failed to cooperate with the AMLC in the conduct of its compliance checking, thus, the AMLC resolved to revoke the registration of those “covered persons”.
In this regard, Fonacier said that the AMLC advises the public to be cautious and to observe appropriate protocols in dealing with the identified “uncooperative covered persons”.
In the circular letter, Fonacier again reminded BSFIs to strictly observe the requirements of conducting customer due diligence, ongoing monitoring, and reporting of suspicious transactions.
According to Fonacier, BSFIs shall deal only with gambling and/or online gaming businesses that are licensed/authorized by or registered with the Appropriate Government Agency duly empowered by law or its charter to license or authorize businesses or entities to engage in such activities.
Meanwhile, BSP reminded BSFIs to report and coordinate with AMLC any suspicious transactions following its release of 16 groups that were issued SFOs (sanctions freeze orders).