BSP targets casino junkets as suspicious transactions surge
BSP urges banks to strengthen AML controls over casino junket accounts amid rising suspicious transactions.Summary
The Bangko Sentral ng Pilipinas (BSP) issued a memorandum on July 21 urging domestic lenders to enhance oversight of accounts linked to casino junket operators, citing a surge in suspicious transaction reports. BSP Deputy Governor Lyn Javier highlighted that junket operators—intermediaries between high‑rolling gamblers and casinos—facilitate large cash movements, cross‑border transfers, and opaque ownership structures, creating significant money‑laundering risks. The regulator noted that commercial banks account for 71.6 % of suspicious reports tied to junkets, while land‑based casinos represent over 60 % of the monetary value involved. To mitigate these risks, BSP requires banks to adopt targeted risk frameworks, implement enhanced due diligence, automated monitoring, independent verification with state agencies, and share information with other institutions. These measures align with efforts by the Philippine Amusement and Gaming Corp., which has instructed regulated casinos to integrate industry risk findings into their internal controls to combat illicit funds.
(Source：Manila Bulletin)