DNFBPs, just like all other covered persons (CPs), as enumerated under the AMLA, as amended (Section 1[ee], Rule 2, 2018 AMLA IRR) are required to register with the AMLC and perform their statutory obligations, which include customer due diligence, record-keeping, and reporting of covered and suspicious transactions. CPs have the duty to cooperate in the discharge of the AMLC’s mandate and execution of its lawful orders and issuances to protect these businesses and professions from being used in money laundering and terrorism financing. As CPs, the registration of DNFBPs is required under Section 4, Rule 22, 2018 IRR, in relation to Section 52 of the 2021 AML/CTF Guidelines for DNFBPs.

     The AMLC reminded certain DNFBPs to register through letters and notices of non-compliance. However, the following DNFBPs failed and still fails to register:

	Name	Business
1.	V.V. Soliven Realty Corporation	Real Estate Developer
2.	AGT Classic Jewelry (formerly Classy Gem Central Jewelry)	Jewelry Dealer
3.	Enzima International	Jewelry Dealer
4.	Glory Jewelry & Tools Supply	Jewelry Dealer
5.	Jewels and Gems	Jewelry Dealer
6.	Lili Jewelry	Jewelry Dealer
7.	Oversea Jewelry and Gift Shop	Jewelry Dealer
8.	Pandora	Jewelry Dealer
9.	RL Jewelry Repair Shop	Jewelry Dealer
10	Silverworks	Jewelry Dealer
11.	Wellmanson	Jewelry Dealer

     This Public Advisory is an action taken pursuant to the AMLC Enforcement Action Guidelines (ARI No. 5, series of 2020). The aforementioned DNFBPs are enjoined to register without further delay, otherwise, a more stringent enforcement action may be taken.

     Please note that non-registration is considered a Serious Violation under item 22, Table A.C, Section 2, Rule IV of the Rules of Procedure in Administrative Cases (RPAC). It may also result in a CP’s failure to submit covered and suspicious transaction report which is a criminal offense under Section 4 of the AMLA, as amended.

 

Posted: 27 March 2024