Philippines legislators approve amendment to AML act

219 Members of the Philippine House of Representatives have strengthened Anti-Money Laundering measures (AML) with an overwhelming approval on the third and final reading of House Bill 5663 bringing casinos, ship-based and internet, and junket operators under existing AML Law.

In addition, HB 5663 amends the amount of “covered transaction” to include casino financial transactions, exceeding PHP5 million ($100,500) which would need to be reported to the Anti-Money Laundering Council (AMLD). Transactions include accumulated bets.

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