Philippines central bank proposes stricter payment-provider checks on merchants
The Bangko Sentral ng Pilipinas has issued a draft measure that would increase payment providers’ responsibility for checking merchants, according to the report. The bank said surveillance found online gambling transactions routed through businesses presented as ordinary shops, and more than 8,000 merchants linked to activities considered illegal have had their accounts closed. PAGCOR said it is working with the central bank on the issue.
Draft rules could increase payment providers’ merchant-screening duties after surveillance found gambling transactions routed through ordinary-looking businesses.