The Bangko Sentral ng Pilipinas (BSP) is again reminding banks and non-banks to transact only with gambling and online gaming businesses that are licensed by appropriate government agencies.
In a circular released on Wednesday, March 9, BSP Deputy Governor Chuchi G. Fonacier said banks should be aware of the latest advisory from the Anti-Money Laundering Council (AMLC) of four “uncooperative covered persons”, namely: MG Universal Link Limited (MG Universal); Inner Strong Limited (Inner Strong); Smarc Group International Limited (Smarc); and New Wave Infotech Ltd.
Fonacier said all of BSP’s supervised financial institutions or BSFIs are advised that “various covered persons failed or refused 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, the AMLC advises the public to be cautious and to observe appropriate protocols in dealing with the identified uncooperative covered persons,” said Fonacier.
In the circular letter, the BSP official again reminded BSFIs to strictly observe the requirements of conducting customer due diligence, ongoing monitoring, and reporting of suspicious transactions.
“BSFIs shall deal only with gambling and/or online gaming businesses that are authorized/licensed by or registered with the Appropriate Government Agency duly empowered by law or its charter to license or authorize entities or businesses to engage in such activities,” said Fonacier.