BSP urges financial institutions to tighten controls on casino junket customers

The Bangko Sentral ng Pilipinas (BSP) issued guidance urging supervised financial institutions in the Philippines to strengthen anti-money laundering and counter-terrorism and proliferation financing controls for casino junket customers. The guidance identifies risks including unusual cash movements, complex corporate ownership and layered transactions, and recommends measures covering oversight, customer checks, monitoring, reporting and staff training.