BSP bans online gambling links in e-wallets
The Bangko Sentral ng Pilipinas (BSP) has implemented a total ban on online gambling links in e-wallets and financial institutions.
BSP Governor Eli Remolona Jr. warned that failure to comply could endanger the Philippines' removal from the Financial Action Task Force (FATF) gray list, emphasizing ongoing studies for further regulations to curb risks related to e-gambling.
E-wallet platforms were given 48 hours to remove all gambling links, with some players receiving cease-and-desist orders for non-compliance.
Governor Remolona stressed that gambling merchants are no longer allowed inside e-wallet apps due to money laundering and illicit financial activity risks.
President Marcos acknowledged the growing risks posed by online gambling during the Manila Tech Summit, emphasizing initial measures to protect citizens and preserve financial integrity.
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
Topics in this story
Explore more stories about these topics