CasiNo.as Covered Persons under AMLA

Section 3(b) defines “covered transaction” for covered persons as a cash or other equivalent monetary instrument transaction involving a total amount in excess of Five hundred thousand pesos (P500,000.00) within one (1) banking day.
For casinos under Section 3(a)(8), a single casino cash transaction is a covered transaction only if the amount is in excess of Five million pesos (P5,000,000.00) or its equivalent in any other currency.

Section 3 is amended by inserting rules for covered persons under Section 3(a)(8), defining:
“Casino” means a business authorized by the appropriate government agency to engage in gaming operations.
“Internet-based casino” means casinos where persons participate using remote communication facilities such as internet, telephone, television, radio, or any other electronic or other technology to facilitate communication.
“Ship-based casino” means casinos whose operation is undertaken on board a vessel, ship, boat, or any other water-based craft intended for gambling wholly or partly.
“Casino cash transaction” means transactions involving the receipt of cash by a casino paid by or on behalf of a customer, or the payout of cash by a casino to a customer or to any person in his/her behalf.
“Gaming operations” means the activities of the casino offering games of chance and variations approved by the appropriate government authority.

Section 10 is amended to require a verified ex parte petition by the AMLC and a judicial determination that probable cause exists that any monetary instrument or property is related to an unlawful activity under Section 3(i).
Upon that determination, the Court of Appeals may issue a freeze order effective immediately for twenty (20) days.
During the twenty (20)-day period, the Court of Appeals conducts a summary hearing with notice to the parties to decide whether to modify or lift the freeze order, or extend its effectivity.
The total period of the Court of Appeals freeze order issued under this provision shall not exceed six (6) months.
A freeze order or asset preservation order is limited only to the amount of cash or monetary instrument or value of property that the court finds has probable cause to be proceeds of a predicate offense; the freeze/order shall not apply to amounts in the same account in excess of the proceeds amount or value of the predicate offense.
If no case is 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 ipso facto lifted.

Section 10 provides that freezing is without prejudice to an asset preservation order that the Regional Trial Court having jurisdiction over the appropriate anti-money laundering case or civil forfeiture case may issue.
In that circumstance, the Court of Appeals remands the case and its records depending on the circumstances of the case.

Section 10 requires that the court should act on the petition to freeze within twenty-four (24) hours from filing of the petition.
If the application is filed a day before a nonworking day, the computation of the twenty-four (24)-hour period excludes nonworking days.

Section 18 is amended to require that within ninety (90) days from the effectivity of this Act, the AMLC, the Philippine Amusement and Gaming Corporation (PAGCOR), and other government regulatory agencies jointly promulgate rules and regulations to implement the Act as applicable to casinos as covered institutions.
Implementing rules applicable to other covered institutions do not apply to casinos unless the rules for other institutions are expressly provided for in the implementing rules for casinos.

Section 6 establishes a separability rule: if any provision of the Act is declared unconstitutional, the other provisions remain valid and effective.
Section 7 mandates repeal of conflicting laws: all laws, decrees, orders, issuances, or parts thereof inconsistent with the Act are repealed, amended, or modified accordingly.

Section 8 provides that the Act takes effect fifteen (15) days following its publication in the Official Gazette or in any newspaper of general circulation.
The Act is approved on July 14, 2017.