AMLC Registration and Reporting Guidelines for Casinos

February 21, 2018AMLC REGULATORY ISSUANCE (C) NO. 01-18SUBJECT : AMLC Registration and Reporting Guidelines for Casinos By the authority vested to the Anti-Money Laundering Council (AMLC) to implement measures as may be necessary and justified to counteract money laundering, in accordance with Section 7 (7) of Republic Act (RA) No. 9160, also known as the Anti-Money Laundering Act of 2001, as amended (AMLA), the Council, in its Resolution No. 25, dated 19 February 2018, approved the adoption of the AMLC Registration and Reporting Guidelines for Casinos (ARRGC), and issue the same as an AMLC Regulatory Issuance (ARI).SECTION 1. General Provisions. —A. Financial Action Task Force (FATF) Standards. —The FATF is an inter-governmental policy-making body established in 1989 which sets the standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the financial system.The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering, terrorist financing, and proliferation of weapons of mass...