PAGCOR’s New Guidelines on Junkets Call for Enhanced Due Diligence

The Philippine Amusement and Gaming Corporation or PAGCOR is toughening up its stance on the way junket operators can run their business and associate themselves with gambling businesses in the country. A new set of guidelines published on Monday sheds light on the do’s and don’ts of what land-based businesses may do when seeking to establish business connections with junket operators.

New Guidelines Seek to Minimize Threat of Rogue Junket Operators
The criteria include specifics about the backgrounds of people who work as junket associates, promoters, and agents. They may not be indicted for dishonesty, fraud, money laundering, theft, or any other financial crime. Casinos should do their due diligence and run extensive background checks on key persons who are involved in the day-to-day and strategic operations of junket businesses.

In other words, the due diligence practices by Philippine casinos will need to be much better to ensure that money laundering and terrorist financing do not occur through their businesses. The new guidelines also detail the cases where such businesses are listed as debtors who have failed to service their outstanding financial obligations, or have gone bankrupt beyond the country’s border.

Source: https://www.gamblingnews.com/news/pagcors-new-guidelines-on-junkets-call-for-enhanced-due-diligence/