Suncity has one path at redemption in the Philippines if it wants to avoid a permanent revocation of its license. PAGCOR has laid out several conditions that the company must meet, and if it doesn’t, there’s no alternative than an exit from the country.<\/p>\n
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Returning the front money is an obvious requirement. In addition, Suncity will have to place all of its clients’ front money into a separate bank account going forward. This account cannot be used for any business operations. Additionally, Suncity cannot withdraw any money from the account unless it is going to turn it over to the client.<\/p>\n<\/div>\n
Suncity will also need to submit a sworn quarterly statement showing how much front money it has on deposit, along with a balance statement from the bank. A special monitoring team will oversee the reporting.<\/p>\n
If the company fails to meet the conditions, or any other conditions, such as anti-money laundering requirements, it’s game over. Suncity and Chau will be blacklisted and deemed “permanently unsuitable” to operate a junket in the Philippines.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Philippines’ gaming regulator has suspended Suncity Group from operating junkets in the country. It’s the latest blow to a company reeling from a major global shakeup of its operations. Suncity Group continues to find itself on the receiving end of bad news. It is losing a tremendous amount of traction in Macau, as the […]<\/p>\n","protected":false},"author":64,"featured_media":206747,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,33810],"tags":[],"acf":[],"yoast_head":"\n
Philippines Gaming Regulator Nixes Suncity Junket License - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n