News And Announcements

2022 Thematic Review of the Effectiveness of Customer- and Transaction-Screening Systems of Covered Persons in TFS Implementation

The Anti-Money Laundering Council (AMLC) applies a risk-based approach in performing its overarching role as the primary anti-money laundering/counter-terrorism financing (AML/CTF) supervisor and enforcer to ensure compliance of all covered persons, including designated non-financial businesses and professions (DNFBPs), with the Anti-Money Laundering Act of 2001, as amended; the Terrorism Financing Prevention and Suppression Act of 2012; their respective Implementing Rules and Regulations; and other issuances of the AMLC. This approach includes the conduct of risk-based supervision of targeted financial sanctions (TFS) on all covered persons.

It may be recalled that the Philippines has been included in the Financial Action Task Force List of Jurisdictions under Increased Monitoring or the greylist, indicating that the country must improve its AML/CTF regime. Removal from such list requires accomplishing the country’s action plan within the prescribed timeline.

Said action plan includes enhancing the effectiveness of the TFS framework for terrorism financing (TF) and proliferation financing (PF) of weapons of mass destruction. Thus, the Philippines must, among others, demonstrate that covered persons understand their TFS obligations and that supervisors undertake risk-based supervision of TFS measures of financial institutions and DNFBPs.

The AMLC has then selected covered persons to be tested to determine the effectiveness of their customer- and transaction-screening systems in the implementation of TFS. This TFS thematic review is among the initiatives that will effectively demonstrate the AMLC’s risk-based supervision of TFS on TF and PF and will help address said action plan.

Posted 21 April 2022

Updated List of Uncooperative Covered Persons

For more details, click this link.

As of 21 April 2022

CTR/STR submissions for 18 April 2022

Due to system issues, the AMLC portal and other related systems is inaccessible to covered persons on 18 April 2022.

Thus, pursuant to Item V - B (1) of Part 1, General Provisions of the 2021 AMLC Registration and Reporting Guidelines, 18 April 2022 is considered as a non-reporting day and is excluded from the counting of the prescribed reporting period.

The foregoing is without prejudice to the covered persons' voluntary submissions of covered and suspicious transaction reports within the reglementary period through the AMLC portal.

Posted 18 April 2022

Philippine offshore gaming operators (POGOs) with cancelled registration

For more details, click this link.