E-Sabong to be removed from Apps of supervised entities

E-Sabong to be removed from Apps of supervised entities

By Tracy Cabrera

MANILA — With just over a month before government enters into a new leadership under president-elect Ferdinand ‘Bongbong’ Marcos Jr., the Duterte administration is striking hard on the erstwhile popular electronic sabong as the Bangko Sentral ng Pilipinas (BSP) issued an order directing that BSP-Supervised Financial Institutions (BSFIs) remove all e-sabong operators from the list of merchants in their respective online applications.

The directive was issued by the BSP through Memorandum 2022-026 to all BSFIs following President Rodrigo Duterte’s directive to suspend all e-Sabong operations in the country effective last May 3 2022.

“The BSP reiterates that BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency,” according to the memorandum signed by outgoing BSP governor Benjamin E. Diokno, who will be appointed by the new president as finance secretary in his administration.

In addition, the BSP has also directed BSFIs to inform their clients who still have remaining funds in their e-Sabong accounts to transfer the funds back to their e-wallets within 30 days from the issuance of the memorandum.

After said 30 days, BSFIs are directed to disable the link between e-Sabong accounts and e-money wallets, including e-Sabong merchant operator accounts with the emphasis they shall strictly observe customer due diligence, continuously monitor accounts and transactions, report suspicious transactions, and ensure that appropriate control measures are in place to restrict access of minors, government employees, and other prohibited players to online gambling facilities.​ (AI/MTVN)

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