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Anti-Money Laundering explained in BAFC 2019

Anti-Money Laundering explained in BAFC 2019
(Basic AML Foundation Course - 1st Batch)
Anti-Money Laundering explained in BAFC 2019
(Basic AML Foundation Course - 2nd Batch)

March 18-19, 2019—The second batch of the Basic Anti-Money Laundering Foundation Course (BAFC) was conducted at the 10th Floor ITD Conference Room, PAGCOR Main Corporate Office, IMET BPO Bldg., Roxas Boulevard, Pasay City.

The BAFC is a 2-day course that gives emphasis on the development of the knowledge of PAGCOR Anti- Money Laundering (AML) practitioners. It aims to broaden their concept and understanding of the nature and processes of money laundering and how it can prevent it from happening in the casino gaming industry.

RA 10927 aims to prevent the Philippine casino industry from being exploited as venue for money laundering and terrorist financing. It requires casinos, including internet and ship-based casinos (i.e. PAGCOR casino operations and Licensed Operators) operating within the Philippines’ territorial jurisdiction to identify and conduct due diligence on customers, keep records of transactions and submit covered and suspicious transaction reports to the AMLC.

The first batch of the BAFC was held last March 11-12, 2019, at the Training Rooms A and B of the PAGCOR Main Corporate Office. Similar to how the pilot batch was conducted, the second batch began with the traditional opening sequence.


(Basic AML Foundation Course)

Atty. Dave Fermin J. Sevilla, AVP of PASED, was one of the resource speakers for the said course. Atty. Sevilla discussed the basics of money laundering, and laid down the salient feature of the Anti-Money Laundering Act, and the laws which mandated PAGCOR's involvement with it. John Paul G. Quiaoit, PASED's Senior AML Research, Policy, and Planning Officer (SARRPO), also led a discussion on AML, regarding Know Your Customer (KYC), and the Customer Due Diligence (CDD) Guidelines—among many other topics.

During the discussion, the participants were free to raise as many questions as they could. One topic that was mentioned was PAGCOR's proposed procurement of the World Check One Database, a worldwide database of people or organizations with ties to money laundering and other similar financial crimes.

The course concluded with the awarding of certificates and photo ops.

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