Strengthening payment restrictions for online gambling in the Philippines
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has announced new regulations aimed at promoting responsible use of digital financial services and strengthening safeguards against online gambling.
Under the new regulations, financial providers such as banks, e-wallets, and other financial institutions will be required to implement enhanced identity checks, including biometric verification like facial recognition, to ensure only eligible individuals engage in gambling transactions.
In addition, the regulations introduce daily limits and time-based restrictions on gambling transactions, with the aim of reducing impulsive betting and financial harm. Users will also have options to implement spending limits, take voluntary breaks, or self-exclude from gambling, providing them with greater control over their spending.
Another key requirement is the removal of in-app gambling access from mobile payment apps and websites within 48 hours of the directive. This measure aims to curb the surge in online gambling transactions and protect consumers' financial health.
The BSP's interventions are part of a broader initiative to address concerns over gambling addiction and fraud. These regulations may be a response to the scrutiny of the gambling industry in the Philippines, following allegations regarding cockfighting.
Cockfighting, a popular activity in the Philippines, has come under scrutiny, with allegations that 34 missing cockfighters were buried near Taal Volcano. However, the new regulations do not specifically mention cockfighting, but aim to strengthen safeguards against online gambling to minimize financial harm and curb addiction.
References:
- BSP Announces New Regulations to Strengthen Online Gambling Safeguards
- BSP Requires Financial Service Providers to Offer Tools for Self-Exclusion from Gambling Transactions
- BSP Introduces Daily Limits and Time-Based Restrictions on Gambling Transactions
- BSP Orders Removal of In-app Gambling Access from Mobile Payment Apps and Websites
- BSP Encourages Financial Responsibility with New Regulations
- The gambling industry should prepare for stricter regulations in the Philippines, as the Bangko Sentral ng Pilipinas (BSP) aims to promote responsible use of digital financial services and strengthen safeguards against online gambling.
- In an effort to combat gambling addiction and fraud, the BSP has announced new rules that will require financial providers to implement enhanced identity checks and biometric verification.
- To reduce impulsive betting and financial harm, the regulations introduce daily limits and time-based restrictions on gambling transactions, with options for users to implement spending limits or take voluntary breaks.
- As part of these measures, the BSP has mandated that in-app gambling access be removed from mobile payment apps and websites within 48 hours of the directive.
- The BSP's interventions are also aimed at minimizing financial harm and curbing addiction, as they do not specifically mention cockfighting but aim to strengthen safeguards against online gambling activities.
- These new regulations may create implications for personal-finance management and responsible-gambling initiatives, as they provide users with greater control over their spending and gambling activities.
- banks, e-wallets, and other financial institutions will be held accountable for implementing these new safeguards, which are part of a broader initiative to address concerns over cybersecurity and data-and-cloud-computing in the banking-and-insurance sector.
- These regulatory changes could influence the broader business landscape, as the finance and technology sectors adapt to new trends in casino-and-gambling, lotteries, and general-news, potentially affecting crime-and-justice alongside economic growth and consumer behavior.
