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Senate Bill No. 1047 was filed by a Philippine senator to provide the Bangko Sentral ng Pilipinas with the authority to investigate any suspicious transaction through its banking system under the proposed legislative amendment. Under the new provision, the central bank will be able to investigate any bank account suspected of being involved in money laundering, fraud, bribery, or any related crime to finance. BSP could examine deposits upon reasonable suspicion, but only with Monetary Board authorization and for official purposes.
Senator Jinggoy Estrada said that such a tightening of oversight would put the government in a better position to pursue ill-gotten money, punish those who illegally amassed wealth, and restore the people’s faith in government institutions. The bill will cover peso and foreign currency deposits, striking a balance between the protection of depositor privacy and improving detection and prosecution. Estrada presented the measure on Tuesday, framing it as a needed evolution of safeguards to rein in finances.
The push comes amidst increased scrutiny of financial flows tied to illicit online gambling. In August 2025, BSP directed all electronic wallets to sever connections with online gambling sites within 48 hours. That directive addressed concerns over unregulated platforms facilitating illicit transactions. Senate committee hearings at the time revealed nearly 12,000 illegal online gambling sites operating in the Philippines—6,400 online casinos, 234 offshore platforms, and 4,815 e-sabong cockfighting operations.
Central Bank Tightens Grip on Gambling Payments
BSP has layered additional restrictions on online gambling payment service providers. The regulator had imposed tighter rules on fund transfers to rein in money-laundering risks associated with digital wallets and fintech channels. Those moves reflect growing recognition that weak oversight has enabled criminals to move dirty money through seemingly legitimate financial conduits.
E-wallets came into focus after data showed that they were heavily involved in gambling transactions. BSP’s swift disconnection mandate forced platforms to cut ties, disrupting revenue flows for illegal operators. The central bank’s actions signal proactive enforcement rather than reactive measures after scandals emerge.
Linking Secrecy Reforms to Broader Enforcement
Senate Bill 1047 would give BSP tools to peer into bank accounts without the blanket secrecy protections currently in place. Monetary Board approval acts as a safeguard, ensuring investigations target credible suspicions rather than fishing expeditions. The scope of this bill covers peso and foreign currency, thereby addressing how criminals layer funds across currencies to obscure origins.
Estrada’s new initiative is aimed at addressing the lack of security in online gambling. Even with legislation put into place to halt the illicit growth of illegal online gambling sites, they continue to grow and produce billions of unregulated revenues for their operators while putting their customers at risk for fraud. As an example of the extent of the illegal gambling market, there are over 4,800 e-sabong platforms operating on the internet today. Offshore sites add complexity, routing payments through international channels.
BSP’s recent mandates demonstrate the central bank’s willingness to act decisively. Disconnecting e-wallets from gambling sites severed a key payment artery. Restricting PSPs further limits operators’ access to domestic financial systems. The Bank Secrecy Law amendments would complement those efforts by enabling deeper probes into bank-held proceeds.
Building Stronger Financial Defenses
The proposal comes as Philippine authorities balance economic growth with anti-crime measures. Fintech expansion has risen inclusion and simultaneously built loopholes for illicit activity. Senate Bill 1047 wants to close those loopholes without suffocating legitimate banking. Under the proposed law, BSP would be allowed to trace funds from gambling sites into personal accounts to facilitate prosecutions.
The persistence of online gambling, 12,000 sites strong, emphasizes the challenge. BSP’s wallet disconnection and PSP restrictions provide immediate disruption. Bank secrecy reforms offer longer-term deterrence by raising risks for money launderers. Estrada’s bill positions financial privacy as conditional on legitimate activity, a shift that could reshape enforcement dynamics.
Source: Asia Gaming Brief (AGB)
