AMLC Issues Rules on Administrative Sanctions

The “Rules on the Implementation of Administrative Sanctions under Republic Act No. 9160, as Amended” (“Rules”) takes effect today, 08 August 2017.

The purpose of the “Rules” is to ensure that covered persons comply with and to deter commission of money laundering and other violations of the Anti-Money Laundering Act of 2001, as amended; its implementing rules and regulations; and all issuances of the Anti-Money Laundering Council (AMLC).

The “Rules” details the procedure in administrative cases wherein due process and the requirement of substantial evidence shall be strictly observed.

Administrative sanctions range from simple reprimand to a fine not exceeding Five Hundred Thousand Pesos (Php500,000.00) per violation, or such other measures as may be necessary and justified to prevent and counteract money laundering.

With the issuance of the Rules, the AMLC and its Secretariat expect better compliance from covered persons which would greatly contribute to the fulfillment of the AMLC’s mandate to preserve the integrity of the Philippine financial system.

Click on this link to download pdf copy of Rules on Administrative Sanction.

It is advised that you re-register on your prescribed dates except when there are changes in your current registration information. For Money Service Businesses who have been issued Certificate of Registration (COR), schedule of re-registration will be on or before the Expiration date indicated in the COR.

Please click on this link for your online registration schedule.

On 17 – 21 July 2017, the Asia Pacific group (APG) on Money Laundering held its annual plenary meeting in Colombo, Sri Lanka. The Philippine delegation consists of members of the Anti-Money Laundering Council Secretariat, the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, the Insurance Commission and the Office of the Ombudsman.

Among the issues discussed during the plenary is Philippines’ compliance to the Financial Action Task Force (FATF) Forty Recommendations, particularly on the inclusion of casinos as covered persons. It would be recalled that in 2013, the FATF removed the Philippines from the list of vulnerable jurisdictions (“grey list”) but enjoined it to “work with the APG as it continues to address the full range of AML/CFT issues identified in its Mutual Evaluation Report, in particular, regulating the casino sector in the Philippines for AML/CFT purposes and making it subject to AML/CFT requirements.”

During the annual meeting, the Philippine delegation reported to APG membership that the casino bill has been signed into law by the President. As such, the Philippines has been taken out from APG membership action.

The APG (a FATF-Style Regional Body) is an autonomous and collaborative international organization founded in 1997 in Bangkok, Thailand and the Philippines is one of the founding members. Currently, it consists of 41 members and a number of international and regional observers, including the FATF. APG members and observers are committed to the effective implementation and enforcement of internationally accepted standards against money laundering and the financing of terrorism, in particular the Forty Recommendations.