Philippines: BSP finalising new payment rules to limit online gambling risks
Proposed safeguards include biometric checks, spending limits and self-exclusion features.
Key points:
– BSP to introduce tighter controls on gambling-related financial transactions
– Measures include identity verification, daily limits and user-set caps
– Industry calls for comprehensive, risk-based regulation
The Bangko Sentral ng Pilipinas (BSP) is nearing completion of a revised framework to reduce the financial harm associated with online gambling. According to The Inquirer, the new regulations will soon apply to banks, e-wallet providers and other BSP-supervised financial institutions.
In a statement, the BSP noted that the forthcoming guidelines were shaped by public consultations and respond to growing concerns over the accessibility of digital gambling services. Financial institutions will be required to implement enhanced identity checks such as facial recognition and biometric verification prior to processing any gambling-related payments.
Additional safeguards include daily transaction limits, time-based restrictions and user-controlled tools such as self-exclusion and personal spending caps. These measures aim to discourage excessive losses and reduce impulsive or addictive behaviour linked to online gambling.
Lito Villanueva, Founding Chair of FinTech Alliance Philippines, welcomed the BSP’s approach as both timely and necessary. He highlighted the increasing exposure of young users and at-risk groups to digital financial risks as online payments become more prevalent.
Villanueva also urged regulators to adopt a broader, risk-based strategy that includes real-time monitoring, enhanced onboarding protocols and the classification of high-risk merchants, rather than focusing solely on blocking transactions.
Good to know: The Department of Finance is reviewing its own policies regarding online gambling
Proposed amendments include potential increases in taxation and operational fees for licensed platforms.
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