BSP wants biometric checks, daily limits on online gambling transactions

The Bangko Sentral ng Pilipinas on Thursday said it is finalizing new rules for banks, e-wallets, and other financial service providers regarding gambling, including biometric checks and daily limits on related transfers.

In a statement, the central bank said upcoming measures include the following:

• Strict identity verification, including biometric checks such as facial recognition to ensure that only eligible individuals can use their funds for online gambling;
• Daily limits on gambling-related transfers to lessen excessive financial losses;
• Time-based restrictions on gambling payments to help curb impulsive behavior;
• User tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.

“These safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services,” the BSP said.

“The BSP remains committed to maintaining a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” it added.

The BSP did not give a timeline for the implementation, but said that these came following public consultation.

It earlier released a draft circular, which previously required payment service providers (PSPs) to create a facility that would allow users to create a separate online gambling transaction action (OGTA), which would then be placed under stricter rules in a bid to protect clients from risks associated with the industry.

There was no mention of this in the upcoming measures that the BSP released on Thursday.

A number of lawmakers have pushed for a ban on the industry given worries that addiction is soaring, with more gamblers drawn to online, even accelerated further by advertisements on social media and e-wallet platforms.

Several lawmakers have also proposed stricter regulations for online gambling, as they said a total ban would only lead to the public heading to illegal operations.

The Department of Health (DOH) has flagged online gambling as a health issue, with President Ferdinand “Bongbong” Marcos Jr. saying he will study calls to ban the industry. —AOL, GMA Integrated News