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PHILIPPINES EXITS FATF GREYLIST

 

The Philippines welcomes its removal from the Financial Action Task Force (FATF)’s greylist, a milestone that underscores the country’s commitment to combat money laundering and terrorist financing.

Countries in the FATF greylist are placed under increased monitoring. This is a burdensome process for banks and other financial institutions. This process discourages correspondent banking relationships and international financial flows into the country.

The Philippines’ exit from the FATF greylist is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. These will support business, strengthen the country's position as an attractive destination for foreign direct investment (FDI), and benefit Filipinos, particularly overseas Filipino workers (OFWs) 

Read more.

ALL COVERED PERSONS TO DEAL ONLY WITH DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS REGISTERED WITH THE AMLC

     AMLC Resolution No. 81 dated 09 May 2019 directed the issuance of an advisory to covered persons (CPs) dealing with clients who are classified under the sector of Designated Non-Financial Businesses and Professions (DNFBPs) to demand presentation of their Certificate of Registration (COR) or Provisional COR (PCOR) with the AMLC as part of Customer Due Diligence (CDD) measures under Section 3.5(b)(1) of the 2018 Implementing Rules and Regulations of the AMLA, as amended. Failure of a DNFBP to supply its P/COR is a ground to conduct enhanced due diligence measure (EDD) and/or to re-evaluate the business relationship. On the part of the CP failing to comply with this directive, it may be cited for the applicable administrative sanctions under the Rules of Procedure in Administrative Cases (RPAC). 

     All CPs must deal only with registered DNFBPs with valid or subsisting P/COR or may risk being cited for a Serious Violation under Section 2(C)(25), Rule IV, of the RPAC. 

     The updated list of Registered DNFBPs as of 27 December 2024 is posted at Registered DNFBPs. 

     For the names of newly registered DNFBPs not yet included in the list, CPs may contact for confirmation/validation the Registration Staff of the Compliance and Supervision Group, Detection and Prevention Department, at telephone numbers (632) 5302-3848, 5310-3244, 8708-7067. 

Posted at www.amlc.gov.ph on 31 Jan 2025

Targeted Financial Sanctions in Relation to Anti-Terrorism Council Resolution No. 65 (2024): AMLC Resolution No. TF-104 Series of 2025

To download, please click this link.

AMLC Issues Guidelines on Transaction Reporting and Compliance Submissions

The Anti-Money Laundering Council (AMLC) has issued the Guidelines on Transaction Reporting and Compliance Submissions (GoTRACS).

The issuance was made in accordance with Sections 7(1), 7(2), 7(7), and 9(c) of Republic Act No. 9160, also known as the Anti-Money Laundering Act of 2001, as amended (AMLA); Rule 22, Sections 1.1, 2, 3, 7; and Rule VII, Section 4 (a), (b), and (g) of the Casino Implementing Rules and Regulations of Republic Act No. 10927. 

The GoTRACS was promulgated to provide covered persons with a set of guidelines to carry out one of their primary duties as covered persons, particularly on transaction reporting. 

The salient features of the GoTRACS are as follows: 

  1. Reinstatement of some low-risk transactions as reportable CTRs  
  2. Addition of low-risk transactions
  3. Introduction of new STR file types
  4. Mandatory uploading of Beneficial Owner (BO) information of Account Holders tagged as juridical persons for STRs
  5. Addition of Transnational Organized Crime as one of the reasons for suspicion
  6. Revision in the Covered Transaction and Suspicious Transaction Report Format 

Implementation Dates: 

01 May 2025 

Chapter II, Part 1, Section 1.18

Chapter II, Part 1, Section 1.19 

02 January 2026

Provisions on Low-Risk Transactions and Non-working and Non-Reporting Days 

02 January 2026 – 02 January 2028

New Reporting Format and its Guidelines

Uploading of Documents

Other Submissions

Uploading of KYC Documents and Beneficial Owner Excel Template for STRs on Judicial Persons 

To view the GoTRACS, click this link. 

Posted: 3 January 2025

AMLC TRAININGS (FEBRUARY 2025)

 Posted: 30 January 2025

  1. AMLC TRAININGS (JANUARY 2025)
  2. Targeted Financial Sanctions in Relation to Anti-Terrorism Council Resolution No. 64 (2024): AMLC Resolution No. TF-102 Series of 2024
  3. INTERPOL’s "Think Twice" Cyber and Financial Crime Public Awareness Campaign
  4. INTERPOL’s "Think Twice" Cyber and Financial Crime Public Awareness Campaign
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