Manila: The Bangko Sentral ng Pilipinas (BSP) has issued a reminder to BSP-Supervised Financial Institutions (BSFIs) to bolster their anti-money laundering and counter-terrorism measures specifically for customers involved in casino junket operations (CJO). These operations are defined as entities that facilitate gaming-related services for high-value patrons, including travel, credit, and gaming room arrangements.

According to Philippines News Agency, the BSP released a guidance paper titled 'Risk Management Practices for Customers Engaged in Casino Junket Operations.' This paper outlines measures to protect BSFIs from being exploited for money laundering, terrorism financing, proliferation financing, and other illicit activities. Key issues identified include unusual cash movements and complex ownership structures within CJOs.

Deputy Governor Lyn Javier emphasized the potential risks linked to financial transactions involving CJOs, stating that BSFIs should be vigilant in identifying red flags and best practices. These measures are crucial in curtailing crime and safeguarding the financial system's integrity.

The guidance paper advises BSFIs on strengthening risk management through oversight by board and senior management, implementation of anti-money laundering programs, client monitoring, and suspicious transaction reporting. It also encourages the adoption of enhanced due diligence practices, automated monitoring systems, client link analysis, and participation in information-sharing initiatives.

Emphasizing the importance of collaboration, the paper highlights the role of information sharing among supervising authorities, such as the BSP, the Philippine Amusement and Gaming Corporation, and BSFIs, in managing risks effectively.