BSP Plans Merchant Screening Rules After Online Casino Probe
BSP introduces stricter merchant screening rules after investigation into illegal online casino transactions.Summary
The Bangko Sentral ng Pilipinas (BSP) is implementing stricter merchant screening rules after an investigation revealed that thousands of payment service accounts were used for illegal online casino transactions. The probe found businesses disguised as ordinary merchants processing large volumes of small, late-night payments linked to gambling. Over 8,000 accounts have been closed. BSP Deputy Governor Mamerto Tangonan emphasized the need to protect consumers from fraud and money laundering. Proposed regulations require payment providers to collect more merchant information, maintain databases, and restrict arrangements that obscure ownership. Casino operators must use direct payment channels. Major payment companies like Maya and GCash support the initiative, which aims to enhance the safety of the growing digital payment ecosystem in the Philippines.
(Source：World Casino News)