The Chinese government is struggling to stop the cross-border flow of funds used for gambling. It coincided with the recent news that China implements stricter AML measures. The People’s Bank of China tagged the anti-money laundering measures as necessary.
However, JP Morgan Securities said that the measures were not to prevent money laundering activities. Instead, Beijing wanted to stop cross-border fund transfers from the mainland used for casino gambling in Macau.
The People’s Bank of China posted the announcement on its website. Also, several government-owned media outlets reported on the new anti-money laundering measures. Bank officials called for more cooperation from other government departments in investigating cases related to cross-border gambling fund transfers.
China Implements Stricter AML Measures
The People’s Bank of China wants stricter steps in dealing with transfers involving large sums of money and other suspicious transactions. Based on the best pay per head software report, the bank also called for improved practices in identifying customers and monitoring against money-laundering activities.
However, the bank didn’t mention any gambling activities, nor if they are targeting gambling funds. Also, the report didn’t say where the money went when it crossed borders.
According to white label sportsbook solution sources, the bank held a meeting with representatives from the General Administration of Customs, China Banking and Insurance Regulatory Commission, Ministry of Public Security, Payment and Clearing Association of China, and the State Administration of Foreign Exchange. Also present in the meeting are NetsUnion Clearing Corp. and China UnionPay Co.
According to Pay Per Head reports, promotion, and operation of casino gambling is illegal in mainland China. It doesn’t matter if it is brick and mortar or online operations. However, China allows casinos and other forms of gambling within Macau.
JP Morgan said that the new measures are a non-issue for money going in and out of Macau. Cross-border gambling often refers to illegal gambling. In particular, they are targeting online casino operations in Cambodia and the Philippines.