Sunday, June 26, 2022

AMLC to issue new regulatory framework in Oct


The Anti Money Laundering Council (AMLC) is set to release a new regulatory framework which covers casinos by the third week of October, Manila Bulletin reports.

“Based on our timeline, we might be able to issue one week before the deadline,” said AMLC executive director Attorney Mel Georgie Racela on Tuesday. “We’re looking at between October 10 to 14 to get approval from our respective boards (AMLC).”

Under the AML Act, casinos will be required to conduct KYC procedures and the necessary customer due diligence, report suspicious transactions and cash transactions exceeding P5 million, and keep records of KYC documents and transactions.

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