BSP eyes tougher safeguards to protect banks from gaming harm

The Bangko Sentral ng Pilipinas (BSP) said Thursday it is finalizing new rules to strengthen safeguards against gambling-related harm for financial service providers like banks and e-wallets.

It said in a statement among the measures being considered are strict identity verification systems, which could include biometric checks like facial recognition, to ensure only eligible individuals can use their funds for online gambling.

The BSP said it is also looking at imposing daily limits on gambling-related transfers and time-based restrictions on gambling payments. The BSP said these measures could help reduce excessive financial losses and curb impulsive behavior.

It is also considering user tools that would allow people to set their own spending caps, take voluntary breaks, or self-exclude from gambling transactions entirely.

“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 said.

Source: Manila Standard