QuestionsQuestions (Republic Act No. 10927)
It classifies casinos—whether land-based, internet-based, or ship-based—as “covered persons” for AMLA purposes, but only with respect to their casino cash transactions related to their gaming operations.
For casinos, a single casino cash transaction involving an amount in excess of P5,000,000 (or its equivalent in any other currency) within the applicable covered-person rule.
Generally, it is a cash or monetary instrument transaction exceeding P500,000 within one (1) banking day. For casinos (covered under Section 3(a)(8)), the threshold is higher: a single casino cash transaction exceeding P5,000,000.
A casino where persons participate through remote communication facilities such as internet, telephone, television, radio, or other electronic/technology-enabled communication.
A casino whose operation is carried out on board a vessel, ship, boat, or other water-based craft intended wholly or partly for gambling.
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 any person in his/her behalf.
Activities of the casino offering games of chance and any variations thereof approved by the appropriate government authority.
Only with respect to casino cash transactions related to their gaming operations—transactions outside that scope are not covered as “casino cash transactions related to gaming operations.”
Upon a verified ex parte petition by the AMLC and a determination of probable cause, the Court of Appeals may issue a freeze order effective immediately for 20 days; during those 20 days it conducts a summary hearing with notice to determine modification, lifting, or extension. Total freeze period by CA under the provision cannot exceed six months.
If there is no case filed against the person whose account has been frozen within the period determined by the Court of Appeals, not exceeding six (6) months, the freeze order is deemed ipso facto lifted.
The text states that the new rule shall not apply to pending cases in the courts.
The court should act on the petition to freeze within twenty-four (24) hours from filing of the petition; if filed a day before a nonworking day, the computation excludes nonworking days.
They are limited only to the amount of cash/monetary instrument or value of property that the court finds has probable cause to be considered proceeds of a predicate offense; the orders do not apply to amounts in the same account in excess of that proceeds amount/value.
Within 90 days from the effectivity of the Act, AMLC, PAGCOR, and other government regulatory agencies must jointly promulgate rules applicable to casinos; implementing rules for other covered institutions do not apply to casinos unless expressly provided.
If any provision is declared unconstitutional, it does not affect the validity and effectivity of the other provisions.
It takes effect 15 days following its publication in the Official Gazette or in a newspaper of general circulation.
It repeals, amends, or modifies all laws, decrees, orders, and issuances—or portions thereof—that are inconsistent with the Act.