PAGCOR Chairman Appoints New COO to Lead AML Efforts

Alejandro Tengco, Chairman and CEO of PAGCOR, has chosen Atty. Wilma Eisma as the new President and COO, with the goal of expediting the Philippines’ removal from a global anti-money laundering (AML) grey list. Eisma will spearhead the regulatory agency’s initiatives.

Speaking at the G2E Asia conference in Macau, Tengco expressed hope that PAGCOR would step up its efforts to get the country removed from the Financial Action Task Force’s (FATF) first listing.

Tengco cited worries about casino junkets in support of his remarks.

As Tengco explained, Eisma was inspired to manage AML compliance activities directly after being promoted to a senior role at PAGCOR in April.

As part of its plan to remove itself from the FATF’s AML grey list, PAGCOR has been sending the Asia-Pacific Joint Group (APJG) progress reports on a regular basis.

These reports center on action plans aimed at addressing deficiencies found in the gaming industry.

Tengco highlighted current focus areas and emphasized the significance of robust risk-based supervision and operational improvements with regard to casino junkets.

In recent discussions with the APJG, he praised advancements in technical compliance; however, he underscored the significance of proving the efficacy of implemented measures.

Tengco acknowledged that the actions taken so far have produced observable outcomes, including a significant drop in applications for Internet gaming licenses, a simplification of junket operator applications, and a noticeable rise in Suspicious Transaction Reports submitted by junket operators.

Tengco highlighted the government’s commitment to meeting all standards by the end of 2024 in order to expedite the delisting process, citing a decision from President Ferdinand Marcos Jr. to hasten essential actions across 44 government departments, including PAGCOR.

The Philippines has made progress toward regulatory compliance as evidenced by the FATF’s recent assessment, which highlighted the country’s efforts to strengthen its AML/CFT framework, particularly in identifying and looking into cases of terrorism financing.

Original Story by: Inside Asian Gaming