Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

The Philippines is pushing ahead with plans to tighten anti-money laundering (AML) controls in its casino sector.

The nation’s casinos, which are lightly regulated by state-run operator-regulator PAGCOR, are exempt from the guidelines of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to include Philippine casinos under the powers of this country’s Anti-Money-Laundering Act. All that remains is to determine the transaction reporting limit.

But the cyber heist regarding the Federal Reserve Bank of February a year ago, drew the relaxed nature associated with the Philippine system to the world’s attention and severely embarrassed the country, leading to urgent demands change not merely from lawmakers inside the Philippines but in addition from the planet Bank.

On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.

Around $101 million ended up being successfully withdrawn before suspicions were raised. Some $20 million with this sum was quickly traced to Sri Lanka and recovered. The remainder ended up being transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, to the Philippine casino industry.

Time for Change

Representative Ben Evardone, president of this committee on banking institutions and Read more

Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation

FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft will rescue the consumer balances for the stricken and bankrupt Fantasy Aces web site, its CEO announced on Monday in the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood for the industry.’ The vast majority of Fantasy Aces clients will be paid in cash, while larger balances will likely be topped up with FantasyCash.

FantasyDraft was regarding the verge of acquiring the site last month before it pulled out of the offer citing ‘issues identified during our due diligence.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon revealed the messy truth behind Fantasy Aces’ situation: the organization had unsuccessful to segregate player funds from its operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ included just $2,419. Although the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, additionally said it had liabilities of $2.96 million.

In quick, Fantasy Aces could not pay its customers.

99.6 Percent to Receive Cash

‘As members associated with DFS community focused on doing things the right way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we now have decided to obtai Read more

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the consumer balances for the stricken and bankrupt Fantasy Aces web site, its CEO announced on Monday on the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated their company is stepping in so that they can save the ‘lifeblood for the industry.’ The vast majority of Fantasy Aces customers will be paid in money, while bigger balances will be topped up with FantasyCash.

FantasyDraft was regarding the verge of acquiring the site month that is last it pulled out of the offer citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings quickly unveiled the truth that is messy Fantasy Aces’ situation: the business had unsuccessful to segregate player funds from the operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ contained just $2,419. While the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it said it had liabilities of $2.96 million.

In short, Fantasy Aces could not pay its customers.

99.6 Percent to Get Money

‘As members of the DFS community devoted to doing things the proper way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we have determined to have involved. Today, we have ente Read more