The Bangko Sentral ng Pilipinas (BSP) has called on banks and other supervised financial institutions to tighten controls over casino junket operators, Philstar Biz reported. The directive follows a review that identified persistent vulnerabilities in the financial system related to junket operations.
The BSP review found that cash transactions, checks, shell companies, and layered transactions continued to make illicit fund flows difficult to detect. These methods have been used to obscure the source and destination of money moving through the casino industry, raising concerns about money laundering and financial crime risks.
The new measures require financial institutions to conduct enhanced due diligence on junket operators and report any suspicious transactions promptly. The BSP emphasized that stricter oversight is necessary to protect the integrity of the Philippine financial system and align with international anti-money laundering standards.