The Philippines has achieved a significant milestone in its financial regulatory landscape, recently being removed from the Financial Action Task Force’s (FATF) grey list. The move comes after the country had spent many years working hard to enhance their anti-money laundering (AML) and counter-terrorism financing (CTF) measures—and this has significant implications on the country’s iGaming landscape, too.
FATF delisting comes due to enhanced regulatory frameworks
In February 2025, the FATF acknowledged the Philippines’ “substantial progress” in addressing strategic deficiencies in its AML and CTF frameworks, which, in turn, led to the country’s removal from the grey list. This decision is expected to produce numerous benefits for the country, including increased investor confidence and the ability for smoother cross-border transactions.
For the last few years, the Philippine authorities had been working hard together, in an inter-agency effort, to bring in comprehensive reforms and develop their financial systems up to international standards.
Ongoing challenges in online gaming and cryptocurrency sectors
Despite this progress, certain business areas remain prone to financial crime—and the iGaming industry, particularly Philippine Offshore Gaming Operators (POGOs), has been identified as a “potential conduit for money laundering activities.” The sector’s rapid growth in the last few years has raised concerns about its vulnerabilities to financial crime—and this has only intensified as cryptocurrencies have become ever-more prominent, too.
The decentralised nature of cryptocurrencies makes it very difficult to trace, and this was one of the aspects highlighted that the Philippines still needs to improve on. In response, Philippine regulators have confirmed that they’ll be strengthening their AML and CTF measures across all sectors—particularly in iGaming and internet-based casinos.
Some of these changes can already be seen. For example, a recent raid in Manila led to the arrest of more than 400 people who were involved in illegal online gambling activities—and these types of raids and investigations are set to increase, authorities say.
Implications for affiliate marketers and industry professionals
For those working in the affiliate iGaming industry, these developments can be significant. As with any developing regulatory environment, affiliates and affiliate managers should ensure they stay up-to-date with changes and understand how the latest AML and CTF regulations may affect them.
While the Philippines remains a relatively young iGaming market, it has seen impressive growth in recent years, and affiliates have been quick to target Philippinos. To continue to do so legally, affiliates must ensure they themselves are not falling foul of new regulations—particularly if offering any forms of financial incentives.
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