CASINOS, JEWELERS REGISTER WITH AMLC
The Second National Risk Assessment from 2015 to 2016 rates the casino sector with a high level of risk to money laundering. The sector is rapidly expanding with its 2018 gross gaming revenue (GGR) increasing by 22.5% from 2017, reaching PhP216.5 billion. Earnings from Internet-based casinos represent around 2.5% of the total GGR from 2017 to 2018. An integrated casino and world-class resort, City of Dreams Manila is just as exciting as its name suggests.
Third, there is a high number of unregulated or unsupervised SPs. As not all SPs are within the realm of AML/CTF supervision, they are prone to abuse and exploitation by criminal organizations. In 2019, local authorities shut down around 200 Internet-based casinos and SPs, illegally servicing online gaming operations. In the same year, the local government also ceased the operations of one of the largest SPs for Internet-based casinos. The said SP was allegedly linked to an individual and entity subject of an AML investigation in relation to the Bangladesh Bank heist.
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Gross Gaming Revenue from Sports Betting, Electronic Bingo, Remote Gaming
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