While the US says casinos today are better deterring\u00a0the illicit flow of dirty money, the Philippines financial regulatory outline\u00a0will allow many checks and balances to go unchecked. That’s because the Southeast Asian country’s anti-money regulation requires only transactions of P5 million ($100,000 USD) or more to be reported.<\/p>\n
The extremely high threshold means the vast majority of casino transactions will continue to be completed without supervision. But it does provide some sort of defense against\u00a0another major cybercrime.<\/p>\n
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In February of 2016, millions of dollars obtained through a cyber heist of the Bangladesh account at the US Federal Reserve was laundered through two casinos in the Philippines. Hackers had scheduled nearly $1 billion in withdrawals from the Manhattan-held banking account, but a spelling error stopped the payments, but not before $81 million was obtained.<\/p>\n<\/div>\n
About $38 million has since been recovered by\u00a0international law enforcement agencies. The crooks behind the seizure remain unknown and at large.<\/p>\n","protected":false},"excerpt":{"rendered":"
Philippine casinos currently operate without much financial oversight from the federal government, but the odds of that changing in the not too distant future seem strong. The Philippine Senate is expected to soon pass a measure that designates gambling venues as institutions covered by the country’s Anti-Money Laundering Act of 2001. Should the legislation pass […]<\/p>\n","protected":false},"author":42,"featured_media":51129,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,60,13,18],"tags":[],"acf":[],"yoast_head":"\n
Philippine Casinos to Be Forced to Abide by Anti-Money Laundering Laws<\/title>\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