Philippines Targets Gaming in AML Law Update
A Philippine senator is pushing for tighter anti-money laundering controls, with online gaming companies and digital finance operators likely to face increased regulatory scrutiny. Senator Joel Villanueva has introduced Senate Bill No. 1983, which aims to update Republic Act No. 9160 to better reflect modern financial crime risks.
The proposal, reported by the Philippine News Agency, is designed to strengthen safeguards against cyber-related threats and protect the integrity of the country’s financial system. Villanueva has argued that existing legislation no longer adequately addresses evolving laundering methods, particularly those linked to digital platforms.
Expanded Scope for AML Compliance
A central feature of the bill is the broader definition of entities covered under anti-money laundering regulations. The draft brings additional sectors into scope, including online gambling operators, virtual asset service providers and professionals such as lawyers and accountants involved in financial transactions.
If implemented, these groups would face clearer obligations around monitoring customer activity and identifying suspicious transactions. For online gaming operators, which rely heavily on digital payments, the shift would require more proactive oversight to reduce the risk of misuse.
Enhanced Powers for Regulators
The bill also proposes expanding the authority of the Anti-Money Laundering Council. Under the new framework, the regulator would gain the ability to suspend transactions, impose administrative freezes and issue subpoenas more directly when potential violations are detected.
In addition, the proposal includes measures to streamline legal procedures in cases involving questionable transactions, aiming to minimise delays that could hinder investigations. Stronger due diligence standards and reporting requirements are also outlined, alongside stricter administrative penalties.
Implications for Gaming and Digital Finance
For the online gaming and broader digital finance sectors, the proposal signals a move toward tighter oversight of financial flows. While the bill is still at an early stage and subject to the legislative process, it reflects a clear regulatory direction.
As financial activity continues to shift online, authorities appear focused on closing gaps in existing frameworks, with greater responsibility placed on operators to detect and prevent illicit transactions within their platforms.
