The Bangko Sentral ng Pilipinas (BSP) is finalising new regulations designed to protect financial consumers from the risks linked to online gambling.

Following a period of public consultation, the upcoming rules will mandate that banks, e-wallets, and other financial service providers adopt a range of stronger safeguards. The initiative is part of the central bank’s commitment to fostering a safe and secure digital finance ecosystem for all Filipinos.

A key component of the new measures is the implementation of stricter identity verification processes.

The new regulations will require financial institutions to use methods like biometric checks and facial recognition to ensure only eligible and verified individuals can use their accounts for online gambling.

To address the risk of significant financial losses, the BSP will also require financial institutions to introduce mandatory daily limits on gambling-related transactions.

Furthermore, to help curb impulsive behaviour, the regulations will also restrict the times when individuals can make payments for gambling.

Financial service providers must also empower consumers with a set of user-controlled tools. These will enable individuals to proactively manage their spending by setting personal caps on gambling-related payments.

The tools will also allow users to take voluntary temporary breaks or to self-exclude themselves entirely from being able to make gambling transactions through their accounts.

The BSP stated that these safeguards are intended to reduce the prevalent risks of addiction, fraud, and financial harm, while simultaneously promoting the responsible use of the country’s growing digital financial services.

Featured image by Burdun via Freepik.