TLDR Philippine Senator Joel Villanueva filed Senate Bill No. 1983 to update the country’s anti-money laundering laws The bill would bring online gaming operators, virtual asset service providers, lawyers, and accountants under stricter AML oversight The Anti-Money Laundering Council would gain new powers including transaction suspensions, administrative freezes, and subpoenas Stronger customer due diligence and reporting requirements are included in the proposed legislation The bill is in its early stages and will go through the standard legislative process before any approval
The Philippines could soon tighten its grip on money laundering in the digital space. Senator Joel Villanueva has filed Senate Bill No. 1983, a measure that aims to update the country’s existing anti-money laundering framework.
The bill targets Republic Act No. 9160, the current law governing anti-money laundering efforts in the Philippines. Villanueva argues the law no longer reflects how criminals move money in the modern era.
According to a report from the Philippine News Agency, the senator wants to strengthen the country’s defenses against cyber threats. He also wants to protect the integrity of the broader financial system.
The proposed legislation would expand the list of entities required to follow anti-money laundering rules. Online gambling operators, virtual asset service providers, trust and company services, and certain lawyers and accountants would all fall under the new requirements.
This expansion is a direct response to the growing role digital payments play in industries like online gaming. These platforms handle large volumes of transactions daily, making them potential targets for illicit activity.
Online Gaming Operators Face New Compliance Demands
Under the bill, online gaming companies would need to monitor customer activity more closely. They would be expected to actively watch for signs of abuse rather than treating compliance as a secondary concern.
Virtual asset service providers would also