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BackPhilippines central bank cracks down on illegal businesses on payment platforms
Philippines central bank cracks down on illegal businesses on payment platforms
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SCMP Economy1 hour agoBusiness1 min readChina

Philippines central bank cracks down on illegal businesses on payment platforms

bangko sentral ng pilipinaspayment platformsonline casinos

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The Bangko Sentral ng Pilipinas discovered thousands of illegal businesses, including online casinos disguised as beauty salons and bakeries, operating on payment platforms, prompting regulatory action to protect consumers from fraud and money laundering.

AI-generated summary

Why It Matters

The Bangko Sentral ng Pilipinas identified thousands of illegal businesses operating on payment platforms, including online casinos masquerading as legitimate businesses like beauty salons and bakeries.

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The requirement came after Bangko Sentral ng Pilipinas found thousands of illegal businesses on the payment platforms, including many online casinos masquerading as more ordinary companies like beauty salons and bakeries.

“We want to protect consumers from online fraud, illegal activities and also from money launderers,” Deputy Governor Mamerto Tangonan said in an interview. “You cannot expand digitalisation if people’s money is being stolen” or they are being scammed.

Open Questions

  • How many illegal businesses were found in total?
  • What specific actions will the central bank take against these businesses?
  • Are any individuals or companies facing legal charges?
  • How will this crackdown affect legitimate small businesses using payment platforms?

Related Topics

bangko sentral ng pilipinas
PeopleMamerto Tangonan
OrganizationsBangko Sentral ng Pilipinas
PlacesPhilippines
Topicspayment platformsonline casinosbeauty salonsbakeriesmoney launderingconsumer protection
This article was originally published by SCMP Economy.

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