You are using an older browser version. Please use a supported version for the best MSN experience.

Senator wants tight watch on e-wallet transactions

The Manila Times logo The Manila Times 06/03/2022 Bernadette E. Tamayo

SEN. Francis Tolentino said financial institutions should monitor large transactions of e-wallet (electronic) services since these may be used in money-laundering and financing of terrorist activities.

The senator made the remark on Friday during the continuation of the Senate Committee on Public Order hybrid hearing on the disappearance of 31 individuals involved in "online sabong" (cockfighting).

He voiced alarm on the admission of PayMaya legal counsel Eloisa Sy that the e-wallet service provider only rely on the government IDs (identification cards) submitted by their subscribers as proof of legal age amid reports that several minors are addicted to e-sabong games.

Tolentino said that if e-wallet providers like PayMaya and GCash cannot properly determine if subscribers are of legal age, their platforms "are prone not only to money-laundering but also to terrorism financing affairs."

"So, if minors were able to find a way, money launderers and those involved in terrorism financial activities can do the same," Tolentino said.

According to Sy, PayMaya uses its own "KYC" (know your customer) procedure in determining whether a user is of legal age.

It added that they cannot really determine if the documents submitted by their users for verification are authentic.

Meanwhile, Globe Telecoms senior legal counsel Gilbert Escoto said that it is impossible for minors to access GCash's e-sabong platform, citing the embedded security features placed in their mobile application that supposedly prevents those below 18 years old from playing or accessing it.

Sen. Ronald "Bato" dela Rosa, committee chairman, supported Tolentino's motion that there are really several minors hooked on the virtual game fowl betting using either GCash or PayMaya platforms.

The Manila Times Related Articles

The Manila Times
The Manila Times
image beaconimage beaconimage beacon