Guidance for De-Listing and Unfreezing Procedures
The Anti Money Laundering Council (AMLC) released AMLC Regulatory Issuance No. 5, Series of 2021, on the Guidance for De-Listing and Unfreezing Procedures to assist covered persons, government entities, and the public on the implementation of the targeted financial sanctions (TFS).
Said guidance covers the following:
- Delisting procedures as outlined by the United Nations (UN) Security Council Committee;
- Situations where the AMLC can issue unfreezing orders;
- Modes of communicating designations and delisting in the relevant UN Sanctions Lists to covered persons, government entities, and the public;
- Modes of communicating the issuance of an unfreezing order to covered persons, government entities, and the public;
- AMLC’s function to assist in the verification of whether a person or entity is a designated person or entity;
- Procedures on lifting TFS, involving false positive identification;
- Procedures on how an innocent third-party may apply for relief for frozen funds and other assets;
- Procedures on how to apply for authorized expenses and permissible transactions with designees; and
- Guidance to covered persons, government entities, and the public on what to do if they are holding funds and other assets of a designee if delisting from the UN Sanctions List is made and/or an unfreezing order is issued by the AMLC.
Further, the guidance includes templates/forms for requesting verification assistance from the AMLC; an application form for authorization to make assets or financial services available to a designated individual or entity; and an authorization form to make assets or financial services available to a designated individual or entity.
To download a copy, please click the link.
Posted 28 July 2021
Reminder for DIGICUR compliance deadline
Under Section 6 of AMLC Regulatory Issuance (ARI) A, B, and C No. 2, Series of 2018, otherwise known as the Guidelines on Digitization of Customer Records (DIGICUR) covered persons are given the following obligations and periods to comply with the requirements of the DIGICUR:
1. Update the Money Laundering/Terrorism Financing Prevention Program (MTPP) within six (6) months from effectivity of the DIGICUR;
2. Develop a central database of customer records to be maintained in the respective head offices or main branches of foreign banks operating in the Philippines immediately upon effectivity of the updated MTPP, which in no case shall exceed six (6) months from effectivity of the DIGICUR;
3. Start the digitization of all customer records to be received, created, or opened immediately upon effectivity of the updated MTPP, which in no case shall exceed six (6) months from effectivity of the DIGICUR; and
4. Complete the digitization of all existing customer records within two (2) years from the expiration of the six (6) month period to update the MTPP.
The DIGICUR took effect on 13 October 2018 and covered persons were required to update their MTPPs accordingly by 13 April 2019 (i.e. six  months from effectivity). Corollary to such requirement, covered persons have until 13 April 2021 (i.e. two  years from deadline to update the MTPPs) to complete the digitization of all existing customer records.
ARI No. 2, Series of 2020, however, extended the deadline for compliance with the requirements of the DIGICUR until 30 September 2021. The AMLC reiterates such deadline for strict compliance of all covered persons.
Please note that non-compliance with the DIGICUR is a Grave Violation (i.e., penalty between PhP37,500 to PhP375,000 per customer) under Table A.A, Section 2, Rule IV of the Rules of Procedure in Administrative Cases (RPAC).
Date posted 27 July 2021