The Philippine Senate has moved closer to including casinos in the coverage of the country’s Anti-Money Laundering Act, as one of the Senate’s panels began analyzing three different bills on the matter.
When it comes to the physical exchange of money, few places are more prolific than a casino floor. And where huge sums of money are moved so quickly from so many sources, laundering operations see opportunity. The Financial Action Task Force (FATF) – a global body spotlighting worldwide money laundering — has been consistently vocal about including casinos in anti-money laundering initiatives and lowering the thresholds for reporting transactions as potentially suspicious.
Legislation and rule-making doesn’t move as fast as a casino gaming table, but the current pace of AML regulatory action may seem breakneck against the backdrop of historical oversight. And with downward pressure on transaction limits, laundering activity previously under the radar will be brought to light.
The tools used to keep pace with regulatory change need to be equally adaptive. Global sanctions, financial fraud, and watch list services best serve their clients when data is refreshed daily from as many sanctioning body sources as possible. Enforcement agencies are moving fast, but the lawbreakers always try to move faster.
From Macau to Monte Carlo, when “chip washing” is identified, the individuals involved work quickly to protect their assets and other laundering operations. Global sanctions tools need to move just as quickly to alert firms who may be unsuspecting targets.
In 2015, a new global sanctions service called WorldWatch Plus was introduced to the market based on the concept of refreshing data daily — moving at the speed of business and those who would exploit it. As sanctions, watch lists, or fraud reports were updated around the globe, WorldWatch Plus clients had visibility within 24 hours to the individuals and entities added to the lists. At last count, data was being refreshed every day from more than 1,600 global sanctions and watch lists in more than 130 countries. Refreshed every day.
What was the old saying? “Tomorrow is a new day.” Not anymore. In the modern reality of global business that literally follows the sun, today never ends. Waiting for tomorrow may just be too late.
Read about the Philippine Senate’s consideration of including casinos under AML rules at: www.ggrasia.com