Philippine Offshore Gaming Operators (POGOs) have one month to register for the electronic reporting system of the country’s Anti-Money Laundering Council (AMLC).
The Anti-Money Laundering Act of 2001 added real estate developers and brokers, offshore gaming operators and offshore gaming service providers to the list of persons covered under the act.
“These persons and entities are required to report covered and suspicious transactions to the AMLC within the period prescribed and for the threshold amount fixed by the law,” said the order.
The advisory also warns that non-registration with the AMLC’s electronic reporting system “would mean failure to electronically file covered and suspicious transaction reports with the AMLC, which is a money laundering offense per Section 4 of the AMLA.” The deadline to register is March 16, 2021.
According to reports, Philippine President Rodrigo Duterte OK’s the AMLA amendment on January 29, just days before it would have landed on blacklist of the global Financial Action Task Force.
