Philippine central bank to tighten rules on gambling-linked transactions
New safeguards to include biometric checks and user-controlled spending limits.
Key points:
– New BSP measures to protect consumers from online gambling-related harm
– Banks and e-wallets must introduce daily transfer caps and facial recognition
– Tools for self-exclusion and voluntary breaks to be mandated
As reported by The Inquirer, the Bangko Sentral ng Pilipinas (BSP) is preparing a new set of regulations aimed at strengthening consumer protection against the financial risks posed by online gambling.
The central bank stated that the draft rules, developed following public consultations, will apply to all BSP-supervised institutions including commercial banks, e-wallet providers and other financial service operators. The initiative forms part of broader efforts to promote responsible financial behaviour in an increasingly digital economy.
Among the proposed measures are stricter identity verification processes using biometrics such as facial recognition, intended to ensure that only eligible individuals are able to conduct gambling-related transactions.
These controls are designed to reduce the chances of impulsive spending and curb the financial fallout associated with addiction.
Additionally, financial service providers will be required to offer users optional tools such as personal spending caps, temporary account freezes or the ability to self-exclude entirely from gambling-related activity.
Good to know: Other planned safeguards include the implementation of daily transaction limits and time-based restrictions for gambling payments
The BSP noted that the move is aimed at minimising risks related to addiction, fraud and financial distress, particularly as more Filipinos adopt digital financial services.
In its statement, the BSP reaffirmed its commitment to ensuring a secure and inclusive digital finance ecosystem, stressing that responsible oversight is key to protecting public interest in the face of evolving technology and consumer habits.
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