Licensed e-gaming operators in the country are adamant that mobile wallets should remain in use for online gambling. According to the group, wallets provide Know Your Client (KYC) data and transaction records that help authorities track money flows, identify accounts of suspected operators, and build cases against them. If this is lost, the system will revert to cash or other uncontrolled payment methods that are difficult to monitor.
The group said that the BSP's proposed policies such as stricter identity verification, daily limits, and monitoring will help to quickly flag and block illegal transactions. In addition, the ability to freeze or temporarily limit an account prevents the rapid spread or laundering of money that is difficult to track down once it has been passed on to others.
The group also noted that the coordinated use of payment controls in conjunction with police operations would be more effective in curbing the profits of illegal online gambling operators. They warned that if mobile wallets are removed, bettors and operators could potentially switch to cash couriers or new digital payment channels that are harder to track.
The group suggested implementing more prudent and strict policies such as stronger KYC, transaction limits, pattern-based monitoring, and mandated reporting. There should also be consumer protection tools such as self-exclusion, spending limits, and warning messages to prevent excessive gambling.
They emphasized that regulated mobile wallets are more effective in pursuing illegal online gambling because illegal profits can be more easily tracked, prevented, and prosecuted while protecting ordinary users.
