Philippines Central Bank introduces stricter online gambling payment controls
BSP has released a draft circular outlining enhanced regulations for online gambling-related payments, targeting concerns over minors and vulnerable individuals accessing digital gambling services.
Key points:
– BSP proposes daily caps, biometric checks and time limits for online gambling payments
– FinTech Alliance PH supports the new rules and plans additional consumer awareness efforts
– PSPs and operators must meet strict licensing and AML standards or face penalties and suspension
The Bangko Sentral ng Pilipinas (BSP) is preparing to tighten its oversight of digital payment services connected to online gambling, citing growing concerns about problem gambling and the protection of vulnerable groups, including minors.
In a newly released draft circular for public consultation, the BSP outlined detailed proposals aimed at strengthening consumer safeguards and financial responsibility across the sector.
Under the proposed rules, banks, e-wallets and other payment service providers (PSPs) will be required to introduce stricter controls before facilitating transactions for online gambling platforms.
These include daily spending caps, usage time limits and biometric identity verification to ensure that only eligible users, such as adults not otherwise barred, can access gambling services.
A key element of the draft is the introduction of a dedicated “online gambling transaction account” (OGTA). Users will need to transfer funds into the OGTA, with strict restrictions: the account will be limited to 20% of a user’s average daily balance and usable for a maximum of six hours daily.
Heavy usage will trigger a mandatory 24-hour “cooling-off” period, and once an OGTA is active, all lending options within the same app must be disabled.
Good to know: Once finalised, the new rules will take effect 15 days after publication. PSPs currently offering gambling payment services will be given six months to align their systems with the new requirements or risk suspension
The central bank has made clear that all operators working with PSPs must comply with stringent onboarding standards, including full licensing, beneficial ownership disclosure and robust anti-money laundering (AML) measures.
Non-compliance could lead to hefty penalties of up to PHP1m ($17,600) per violation and potential suspension or revocation of a PSP’s authorisation to handle gambling payments.
The FinTech Alliance Philippines, which represents major players such as GCash, Maya and CIMB Bank, has publicly backed BSP’s initiative. The group has pledged to strengthen monitoring of merchant accounts, introduce real-time detection for unauthorised operators and roll out financial literacy campaigns to raise awareness of the risks associated with online gambling.
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