PAGCOR lays out new rules for offshore licensees
Date: 2023-08-03 Author: Kirill Zagoruyko Categories: EVENTS
The Philippine Amusement and Gaming Corporation (PAGCOR), the government regulator of gambling in the country, has unveiled a new regulatory framework for licensed offshore gambling companies.
The publication of the new structure is in line with PAGCOR's efforts to combat unlicensed gambling in the country.
According to Jessa Fernandez, PAGCOR's assistant vice president of offshore gaming licensing, all licensees and service providers have been declared "on probation". As a result, companies will have to re-apply for a license by September 17.
The news comes two weeks after a government agency confirmed the upcoming launch of the online casino brand.
PAGCOR will not reissue licenses to violators
Fernandez explained that the new structure aims to force companies to re-apply for licenses so that PAGCOR can re-evaluate them. He warned that PAGCOR would scrutinize whether licensees were involved in illegal activities.
Currently, all service providers that accept bets must apply for a license. We will also assess the beneficial owners of these companies so that they are held accountable if they are found to be involved in any illegal activity. Jessa Fernandez, Assistant Vice President, Offshore Gaming Licensing, PAGCOR
If PAGCOR finds a company guilty of providing services beyond its license or accreditation, the regulator will not reissue a new license.
Likewise, licensees or service providers who do not reapply or receive a license within the specified period must be approved for revocation. Jessa Fernandez, Assistant Vice President, Offshore Gaming Licensing, PAGCOR
PAGCOR seeks to change gambling regulation
In addition to implementing a new regulatory framework for foreign companies, PAGCOR is also working with other governments and law enforcement to establish in-house offices and an accredited center, Fernandez said.
In addition, the regulator introduced more stringent sanctions for offshore companies that violate the obligations prescribed in their licenses.
In general, the Philippine regulator has introduced stricter checks and compliance checks for foreign operators and service providers, as well as reporting to government agencies for investigation and verification of results.
The reforms also include increased coordination between PAGCOR and other government agencies. Finally, the authorities plan to impose severe fines on companies that violate existing rules.
The publication of the new structure is in line with PAGCOR's efforts to combat unlicensed gambling in the country.
According to Jessa Fernandez, PAGCOR's assistant vice president of offshore gaming licensing, all licensees and service providers have been declared "on probation". As a result, companies will have to re-apply for a license by September 17.
The news comes two weeks after a government agency confirmed the upcoming launch of the online casino brand.
PAGCOR will not reissue licenses to violators
Fernandez explained that the new structure aims to force companies to re-apply for licenses so that PAGCOR can re-evaluate them. He warned that PAGCOR would scrutinize whether licensees were involved in illegal activities.
Currently, all service providers that accept bets must apply for a license. We will also assess the beneficial owners of these companies so that they are held accountable if they are found to be involved in any illegal activity. Jessa Fernandez, Assistant Vice President, Offshore Gaming Licensing, PAGCOR
If PAGCOR finds a company guilty of providing services beyond its license or accreditation, the regulator will not reissue a new license.
Likewise, licensees or service providers who do not reapply or receive a license within the specified period must be approved for revocation. Jessa Fernandez, Assistant Vice President, Offshore Gaming Licensing, PAGCOR
PAGCOR seeks to change gambling regulation
In addition to implementing a new regulatory framework for foreign companies, PAGCOR is also working with other governments and law enforcement to establish in-house offices and an accredited center, Fernandez said.
In addition, the regulator introduced more stringent sanctions for offshore companies that violate the obligations prescribed in their licenses.
In general, the Philippine regulator has introduced stricter checks and compliance checks for foreign operators and service providers, as well as reporting to government agencies for investigation and verification of results.
The reforms also include increased coordination between PAGCOR and other government agencies. Finally, the authorities plan to impose severe fines on companies that violate existing rules.
