Risk Review Targets Online Gambling
The Anti-Money Laundering Council (AMLC) has intensified its scrutiny of online gambling in the Philippines, citing growing concerns over potential misuse by financial criminals. According to Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr., who also heads the AMLC, the agency is conducting a comprehensive risk assessment to identify weaknesses across various online gambling formats.
While the ban on Philippine Offshore Gaming Operators (POGOs) helped the country exit the global “grey list,” Remolona emphasized that regulators are now shifting focus to broader digital gambling threats.
“Beyond that, we’re doing a risk assessment that will include other forms of online gambling,” he said.
Philippines Clears FATF Grey List
Earlier this year, the Financial Action Task Force (FATF) removed the Philippines from its grey list after more than three years of reforms. The country addressed 18 key issues related to anti-money laundering (AML) and counter-terrorism financing (CTF), making it the only nation delisted in the latest FATF review.
Despite this achievement, Remolona warned that digital innovation poses new challenges, calling it an “arms race” between regulators and bad actors.
Online Gambling Revenues Surge
However, the rapid growth of the online gambling sector has raised fresh concerns. Moody’s analyst Choon Hong Chua noted that risks still exist, even after the POGO exit. According to Pagcor, online gambling revenues soared by 309.2% to ₱135.7 billion in 2024. This surge could allow the segment to rival traditional casinos within the next few years.
Lawmakers and Experts Call for Caution
In response, Senate President Francis Escudero has called for a deeper review of local online gambling operations, citing possible negative effects on Filipino communities.
Chua added that while regulation is essential, it may not be enough. He urged stronger public-private partnerships and continuous AML enforcement to protect the country’s financial integrity and sustain FATF compliance.
