New anti-money laundering rules covering casinos should boost investor optimism in the Philippine financial system, an economist said on Monday. The rules state that all casinos should develop policies and practices to identify, monitor, mitigate and control risks associated with money laundering and terrorist financing. Casinos should report all covered transactions and suspicious transactions within five working days, unless the AMLC prescribes a different period not exceeding 15 working days. “The AMLC… may examine any particular account, as herein defined, including related accounts, with any covered person as herein defined, that is deemed related to a predicate offense or money laundering offense…,” it said. Following the signing of RA 10927 in July, the AMLC said regulatory gaps had been closed by including casinos under its coverage.

Source: Manila Times October 23, 2017 17:48 UTC