BSP: “BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.”
BSP — On Friday, the Bangko Sentral ng Pilipinas ordered BSP Supervised Financial Institutions (BSFIs) to remove all online sabong operators from the list of merchants in their online apps.
The central bank said in a statement that it has issued Memorandum 2022-026 to all BSFIs in line with President Rodrigo Duterter’s order to suspend all online sabong operations in the Philippines starting May 3.
Signed by BSP Governor Benjamin Diokno, the memorandum stated that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.
READ ALSO: DILG Orders LGUs, PNP To Stop Illegal Online Sabong Ops
The memo also emphasized that BSFIs shall strictly observe customer due diligence, report suspicious transactions, continuously monitor accounts and transactions, and ensure that appropriate control measures are in place to restrict access of government employees, minors, and other prohibited players to online gambling facilities.
“The BSP reiterates that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency,” it said.
President Duterte stopped online sabong operations because of its negative social impact – including gambling addiction and the disappearance of several “sabungeros” or cockfighting enthusiasts.
READ ALSO: President Duterte OKs End To E-Sabong Operations
The central bank said that BSFIs were also urged to inform clients with remaining funds in their online sabong accounts to transfer money back to their digital wallets within 30 days from the issuance of the memorandum.
According to the central bank, BSFIs were directed to disable the link between online sabong accounts and e-money wallets, as well as online sabong merchant operator accounts.
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