BSP drafts circular to tighten mobile wallet rules, PlaySafe backs calibrated measures

The Bangko Sentral ng Pilipinas (BSP) has drafted a circular to tighten rules on mobile wallets, which the PlaySafe Alliance Philippines views as crucial for regulating non-bank electronic money issuers.

Mike Defensor, spokesman for the alliance, emphasized that mobile wallets provide essential Know Your Client (KYC) data and transaction trails that help authorities trace illicit financial flows.

Defensor noted that the BSP's proposed measures, such as stronger identity verification and daily limits on gambling-related transactions, create a framework to flag and block illegal transfers.

He warned that disconnecting mobile wallets could drive users towards unregulated channels, making it harder for regulators to monitor and interdict illicit activities.

The alliance recommends calibrated measures like enhanced KYC procedures, transaction monitoring, and consumer protection tools to balance convenience with regulatory effectiveness.

Defensor also highlighted the importance of international cooperation in combating cross-border payment arrangements used by illegal operators and called on regulators to publish clear protocols for data privacy and enforcement mechanisms.

PlaySafe Alliance PH fully supports the BSP's proposed Circular seeking to regulate online gambling payment services, emphasizing their commitment to responsible gaming.