CISI ad

 

 

Bagong Pilipinas

Bagong Pilipinas

  

Free Donuts (PHISING)

 

 

 

Related Links

 

          
      
    OFAC 
Recent Posts

News and Announcements

Advisories

 

 

 

Archives

AMLC Resolutions

 

 

The AMLC, under the leadership of its Chairman, Governor Nestor A. Espenilla, Jr. of the Bangko Sentral ng Pilipinas, supports continued financial innovation, which can drive the generation of voluminous data.  At the same time, it poses the challenge of how to make such data actionable. The AMLC envisions the adoption of the DIGICUR Guidelines as a step to address the issue of extracting data in a timely manner. With centralized digitized records in place, covered persons are expected to become effective partners in facilitating the swift transmission of data to the AMLC and in assisting the latter in developing actionable knowledge critical in the conduct of its investigation.

 The DIGICUR Guidelines’ salient features include: (1) the reiteration of the policy that revealing ongoing AMLC investigations is inimical to the public interest; (2) the imposition upon the Board of Directors, partners, or proprietors the obligation to ensure awareness among personnel of their responsibilities in maintaining confidentiality of financial investigations; (3) the digitization of customer records and creation of a central and secure database of customer records; (4) updating of AML/CFT manuals; (5) compliance checking by the AMLC, along with supervising and regulating authorities; and (6) a reasonable period for compliance.

 Executive Director Mel Georgie B. Racela of the AMLC Secretariat said, “I am very optimistic that with the DIGICUR Guidelines in place, covered persons will be the AMLC’s partners in the conduct of financial investigations, the essence of which is confidentiality and swiftness. Through the Guidelines, the AMLC will be able to conduct investigations without attracting unwanted attention, and at the same time, promptly take appropriate action. If money launderers and terrorists discover our investigation, it is a foregone conclusion that they would spirit away their assets, and thereby defeat the intention of the law.”

 The DIGICUR Guidelines will take effect on 13 October 2018.

 

Link: Guidelines on Digitization of Customer Records

 

Back to Top