The Anti-Money Laundering Council (AMLC) has issued a warning to financial institutions and related businesses to avoid transactions linked to online casinos and gambling platforms that are not registered with the Philippine Amusement and Gaming Corporation (Pagcor).
In a recent notice, the AMLC said only duly registered entities are allowed to operate online gambling activities in the country.
Transactions with unregistered platforms pose risks of money laundering and other illegal financial activities, the agency stressed.
The directive covers a wide range of businesses under the Securities and Exchange Commission (SEC), including securities brokers and dealers, investment houses, underwriters, mutual funds and their advisers, real estate investment trust (REIT) fund managers, as well as financing and lending companies.
According to the AMLC, covered entities must keep a close watch on customer transactions tied to online gambling, update customer records, and perform stricter background checks if needed. Firms are also urged to file Suspicious Transaction Reports (STRs) when they see red flags.
The council warned that violators could face administrative penalties under SEC rules and AMLC procedures.
Authorities said the reminder is part of broader efforts to prevent the financial system from being used for money laundering or terrorism financing through online gambling activities.
