The Philippine Amusement and Gaming Corp (PAGCOR) has instructed all licensed casino operators and gaming support service providers to review and strengthen their anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks following a sector-wide assessment.
The move comes after the industry was identified as having a high risk for money laundering. PAGCOR's directive requires immediate action to enhance AML and CTF measures to mitigate these risks effectively.
This decision by PAGCOR underscores the importance of robust AML controls within the casino sector to combat financial crimes and ensure compliance with regulatory standards.
