Pagcor issues guideline for casinos on vetting junkets

The Philippine Amusement and Gaming Corp (Pagcor), the casino regulator in that country, issued on Monday a guideline stating that all land-based casinos “must assess the fitness and propriety nature” of their junket operators and related associates, agents or promoters.

Criteria include whether “key individuals have been convicted, on indictment of dishonesty, fraud, breach of trust, money laundering, terrorist financing, proliferation financing, theft, or financial crimes”.

Casinos should also investigate whether “key persons” involved in junket operations “have been subject to any judgement debt or award in Philippines or elsewhere, that remains outstanding or was not satisfied either in whole or in part”.

Other criteria include if “key persons have made any arrangements with their creditors, filed for bankruptcy, been adjudged as bankrupt, been the subject of bankruptcy petition, or have been involved in proceedings relating to any of these.”

The four-page guideline – officially called “Casino Guide for a Fitness and Proprietary Assessment for Junket Operators V1.0” – is attributed to Pagcor’s Anti-Money Laundering Supervision and Enforcement Department. It is applicable to “junket operators, its key persons or the management, and the individuals who have controlling interest, as well as to those who exercise significant power or discharge certain responsibilities on behalf of the junket operator/key persons.”

Source: https://www.ggrasia.com/pagcor-issues-guideline-for-casinos-on-vetting-junkets/