QuestionsQuestions (Republic Act No. 10927)
RA 10927 designates “casinos, including internet and ship-based casinos,” as covered persons under RA 9160, but specifically with respect to their casino cash transactions related to their gaming operations.
For casinos (covered persons under Section 3(a)(8)), a single casino cash transaction involving an amount in excess of Five Million Pesos (P5,000,000.00) or its equivalent in any other currency is a covered transaction.
Generally, it is a cash/equivalent monetary instrument transaction in excess of P500,000.00 within one banking day. For casinos, it is based on a single casino cash transaction exceeding P5,000,000.00, regardless of the general P500,000 one-day rule.
“Casino” refers to a business authorized by the appropriate government agency to engage in gaming operations.
An internet-based casino is one where persons participate using remote communication facilities such as (but not limited to) internet, telephone, television, radio, or other electronic/technology facilitating communication.
A ship-based casino is a casino whose operation is undertaken on board a vessel, ship, boat, or other water-based craft intended for gambling, wholly or partly.
It refers to transactions involving: (1) receipt of cash by a casino paid by or on behalf of a customer; or (2) payout of cash by a casino to a customer or to any person in the customer’s behalf.
Gaming operations are the activities of the casino offering games of chance and any variations of such games approved by the appropriate government authority.
Upon a verified ex parte petition by the AMLC and a finding of probable cause by the Court of Appeals, a freeze order may be issued effective immediately for 20 days. Within 20 days, the CA conducts a summary hearing to decide whether to modify/lift/extend. Total freeze order effectivity under this provision cannot exceed 6 months.
The court should act on the petition within 24 hours from filing of the petition; if filed a day before a nonworking day, the 24-hour computation excludes nonworking days.
If no case is filed within the period determined by the Court of Appeals (not exceeding 6 months), the freeze order is deemed ipso facto lifted.
The freeze order is “without prejudice” to an asset preservation order that the Regional Trial Court may issue in an AML case or civil forfeiture case. In such case, the Court of Appeals will remand the case and its records.
It is limited only to the amount of cash/monetary instrument or value of property that the court finds has probable cause to be proceeds of a predicate offense, and it does not apply to amounts in the same account in excess of that value.
No. The new rule expressly does not apply to pending cases in the courts.
Within 90 days from the effectivity of RA 10927, AMLC, PAGCOR, and other regulatory agencies must jointly promulgate rules to implement provisions applicable to casinos. IRRs applicable to other covered institutions do not apply to casinos unless expressly provided in the rules for casinos.
Separability: if any provision is declared unconstitutional, the rest remains valid. Repealing: laws/issuances inconsistent with RA 10927 are repealed/amended/modified accordingly.