BSP Tightens Controls Over Casino Junket Operators
The Bangko Sentral ng Pilipinas (BSP) has instructed financial institutions to tighten controls over casino junket operators, citing the continued presence of cash, checks, shell companies, and layered transactions that obscure illicit fund flows. The central bank highlighted the elevated money laundering risks associated with these operators.
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- BSP Directs Banks to Enhance Monitoring of Casino Junket Clients Amid Money Laundering Risks
The Bangko Sentral ng Pilipinas (BSP) has instructed financial institutions to intensify their monitoring of clients involved in casino junket operations (CJOs), citing unusual cash movements and complex ownership structures as key money laundering risk indicators. This move aims to prevent the Philippines from being placed back on international anti-money laundering grey lists.