The Anti-Money Laundering Council (AMLC) is bringing casinos and digital currencies into focus this year as it tightens its watch against dirty money, zooming in on these transactions as part of its expanded coverage.

AMLC Secretariat Executive Director Mel Georgie B. Racela said the six-month registration period for casino operators has kicked off this June, with compliance expected to significantly reduce the “high risk” for local gaming tables to be used for money laundering.

Mr. Racela said they are targeting potential threats from casinos used as venues to clean up illegal wealth following the passage of a law that now includes gaming tables as reporting institutions to the AMLC.

“Kapag na-consider na yun and na-set up na merong supervising authority na sila, may KYC requirements, covered transaction reporting, suspicious transaction… all those taken into account, mapapababa yung assessment,” Mr. Racela said in an interview on the sidelines of the inaugural symposium of the Association of Certified Anti-Money Laundering Specialists in Manila.

The AMLC chief said it is absolutely doable to minimize risks attached to casinos in the next round of the National Risk Assessment due sometime in 2020, as this would now factor in these adjustments.

Mr. Racela also mentioned that they have started to process transaction reports from virtual currency exchanges, which effectively allows the financial intelligence unit to cover the conversion of cash to digital currencies like Bitcoin. — Melissa Luz T. Lopez

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