Philippine casinos must keep digital records of documentation

10 October 2018

As part of the new principles of work, the Philippines Anti-Money Laundering Council ordered casino operators to keep strict records of digital documentation.

The need to introduce such measures is due to the Law regarding  Money Laundering problem. According to the rules of last year, casino employees were obliged to check identity documents of their clients, as well as maintain databases of activities for five years.

This year, the rules are tightened. According to the innovations, in case of any doubtful transaction, the amount of which exceeds $100 thousand, the operator is obliged to submit a report to authorized employees or send entries to the Council within five working days.

It is expected that fast digitization will allow analyzing financial flows, which will greatly simplify the mechanism for identifying frauds.

“If offenders become aware of our investigation, they'll take  assets into the shadows, which makes it difficult to hold them accountable,” - said Mel Georgie Rachel, executive director of the secretariat of the Anti Money Laundering Council.

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