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MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is requiring banks to adopt stricter practices when dealing with customers involved in casino junket operations, as it seeks to prevent the financial system from being used to launder money and move illicit funds.
In a guidance paper released this week, the central bank outlined best practices for banks handling accounts linked to casino junket operators—companies and individuals that arrange gaming-related services for high-value patrons, including travel, credit and private gaming room bookings.
READ: Anti-money launder law to bar dirty cash from casinos – BSP
The guidance urges banks to watch for warning signs such as unusual cash movements, complex corporate ownership structures and layered transactions—a series of transfers or financial activities designed to obscure the source, ownership or movement of funds.
