CISI ad

 

 

  

Free Donuts (PHISING)

 

 

 

Related Links

 

          
      
    OFAC 
Recent Posts

News and Announcements

Advisories

 

 

 

Archives

AMLC Resolutions

 

 

Effectivity dates of the 2021 AMLC Registration and Reporting Guidelines (ARRG)

The 2021 ARRG was published in BusinessWorld on 09 July 2021.

In general, the effectivity date is 30 days after publication or on 08 August 2021. For other provisions, per the 2021 ARRG (page 163), the effectivity date is six (6) months after publication, which falls on 09 January 2022.

Amendments effective on 08 August 2021

General provisions

  1. Comprehensive definition of “covered persons” to include certain types of designated non-financial businesses and professions;
  2. Definition of “covered transaction” for real estate developers and brokers;
  3. Quality, form, and timing of submission of suspicious transaction reports (STRs);
  4. Inclusion of PC34 (Violation of Section 19(A)(3) of Republic Act No. 10697, otherwise known as the Strategic Trade Management Act, in relation to the financing of proliferation of weapons of mass destruction and its financing pursuant to United National Security Council Resolution No. 1718 of 2006 and 2231 of 2015) in the requirement of submission of know-your-customer (KYC) documents prior to the actual submission of STRs;
  5. Clarification on non-working and non-reporting days in terms of the counting of the prescribed reporting period, including automatic suspension thereof;
  6. Delegated authority to the Executive Director of the AMLC to require submission of all covered transactions, including low-risk, of persons subject of AMLC investigation;
  7. Renaming of “no/low risk” covered transactions to “low-risk” covered transactions;
  8. Amendment to the low-risk transactions; and
  9. Introduction of new provisions on compliance-checking and administrative sanctions.

Reporting procedures/annexes

  1. Updating of the online registration guidelines;
  2. Updating of the reason for suspicion to include two (2) new predicate crimes;
  3. Increase in the number of characters for certain fields;
  4. Amendment in the mandatory fields for the Beneficiary Party for Outward Remittance transactions;
  5. Guidelines in the suspicious transaction reporting on a per account basis;
  6. Guidelines for insurance companies on covered and suspicious transaction reporting;
  7. Addition of new transaction codes and updating of the mandatory fields; and
  8. List of “red flags” and transaction codes, involving real estate transactions and concerning virtual asset service providers.

Amendments effective on 09 January 2022

General provisions

  1. Lifting of loan payment as a low-risk transaction

Reporting procedures/annexes

  1. Inclusion of STR trigger in the reporting of STRs;
  2. New reporting format for loan availment and sale of real and other properties acquired (ROPA) transactions; and
  3. Updating of country and currency codes.


The 2017 ARRG will remain posted on the AMLC website until all provisions of the 2021 ARRG become effective.

Posted 12 August 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 [6] months from effectivity). Corollary to such requirement, covered persons have until 13 April 2021 (i.e. two [2] 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

Notice of AMLC Resolution No. TF – 42, Series of 2021

Please click the link for further details.

Notice of AMLC Resolution No. TF – 41, Series of 2021

Please click the link for further details.

Advisory on the Implementation of Freeze Orders

To download a copy, please click the link.

Notice of AMLC Resolution No. TF – 40, Series of 2021

Please click the link for further details.

Notice of AMLC Resolution No. TF – 39, Series of 2021

Please click the link for further details.

Notice of AMLC Resolution No. TF – 35, Series of 2021

Please click the link for further details.

Notice of AMLC Resolution No. TF – 34, Series of 2020 

Please click the link for further details.

Notice of AMLC Resolution No. TF – 33, Series of 2020 

Please click the link for further details.

Primer AMLC Reso TF – 33 and 34, Series of 2020

Please click the link for further details.

Reminder for covered persons to require the presentation of COR with the AMLC for DNFBPs as part of CDD measures 

Please click the link for further details.

AMLC issues enforcement action guidelines

The AMLC releases the Enforcement Action Guidelines, providing procedures for the resolution of administrative cases at the level of the Compliance and Supervision Group of the AMLC Secretariat, prior to the filing of a formal charge under the Rules of Procedure in Administrative Cases (RPAC).

Enforcement actions are measures that are used when circumstances surrounding the non-compliance warrant a less severe form of supervisory action and the covered persons exhibit willingness to voluntarily address compliance issues within a reasonable period of time and without the necessity of filing a formal charge under the RPAC.  These enforcement actions include, but are not limited to, the following:

  • Warning;
  • Compliance letter;
  • Notarized compliance commitment;
  • Look back;
  • Compliance testing;
  • Audit by an independent external auditor;
  • Restitution of funds or property; and
  • Public advisory.

The guidelines provide the option for the covered person to choose a reduced assessment, thereby paying an assessment lower than what would otherwise be computed pursuant to the RPAC if a formal charge is filed. A covered person may opt to settle for a reduced assessment during the assessment process and pay only 25 percent of the supposed penalty under Section 2, Rule IV of the RPAC.  

Further, the guidelines encourage voluntary disclosures by covered persons of possible violation/s to ascertain the root cause of the issues involved and resolve them at the earliest possible time. A covered person voluntarily disclosing possible violation/s may be given only a warning or reprimand, or may be eligible for an exemption from monetary penalty, or significantly reduced assessment (reduction in assessment of up to 90 percent of the supposed penalty under Section 2, Rule IV of the RPAC), provided that the covered person took steps to immediately correct the possible violation/s and has showed that the root cause had been effectively addressed.

The guidelines will take effect 15 days after its publication in a national newspaper of general circulation.

To download a copy of the guidelines, please click the link.

                                                                           ###

Amendments to the 2018 Implementing Rules and Regulations of the AMLA

On 29 January 2020, the AMLC approved amendments to the 2018 Implementing Rules and Regulations (IRR) of the Anti-Money Laundering Act of 2001 (AMLA), as amended. These amendments were published in the 31 January 2020 issue of Business World and went into effect on 1 February 2020.  The 2018 IRR amendments intend to raise the Philippines’ level of technical compliance, bringing it in line with international standards on combating money laundering and terrorism financing.

Covered persons (CPs) must update their relevant policies and procedures to reflect these amendments. A summary of the substantive changes is as follows:

Imposition of the three (3)-day requirement from receipt of request from the beneficiary institution or appropriate authorities, for the ordering institution to make available the information accompanying the domestic wire transfer;

  • Requirement that the obligation to manage risks shall likewise be applied to close relationships/associates of politically exposed persons (PEPs);
  • Requirement that customers who are legal persons from higher risk countries shall be subjected to enhanced due diligence;
  • Requirement for covered persons to include attempted transactions in suspicious transaction reporting;
  • Requirement for covered persons to promptly file suspicious transaction reports within the next working day from occurrence thereof, which for purposes of the Rule, shall be the date of establishment of suspicion or determination of the suspicious nature of the transaction;
  • Requirement for covered person to ensure that the information and documents collected in the customer due diligence (CDD) process are kept updated whenever beneficial ownership information changes;and
  • Clarification on the scope of a related account.

In view of the effectivity of said amendments on 1 February 2020, CPs are advised to begin the implementation of these amendments, particularly the prompt reporting of suspicious transactions without having to wait for the pertinent interpretative guidelines, which will soon be provided under the amended AMLC Registration and Reporting Guidelines (ARRG). CPs are likewise expected to update their Money Laundering/Terrorism Financing Prevention Program to align with the aforesaid amendments.

Further details of the 2018 IRR amendments are available at this link.

  •  

 PUBLIC ADVISORY ON FRAUDULENT E-MAILS USING THE @AMLC.GOV.PH DOMAIN
 
 The Anti-Money Laundering Council (AMLC) Secretariat discovered that some of its official e-mail addresses using the @amlc.gov.ph domain are being spoofed by scammers to pose as officers or personnel of the Secretariat.

 The scammers send emails to potential victims, using these e-mail addresses, requesting them to pay a certain amount of money in order for the AMLC, or its Secretariat, to facilitate some sort of service, which appears to be beneficial to the victims.

 The AMLC Secretariat reiterates that the Anti-Money Laundering Act of 2001 (Republic Act No. 9160), as amended, the law that created the AMLC, does not grant it any power or authority to request any kind of payment or fee from the public in exchange for its services.   Specifically, the AMLC, or its Secretariat, does not require any person to post a bond or payment as a prerequisite for the issuance of any type of Certification or the execution of any of its functions.

 Kindly disregard any communication from any person that may be posing as a member of the AMLC or its Secretariat.  The public is advised to report such fraudulent activities to the appropriate law enforcement agencies.

 Any issues or concerns on the legitimacy of an e-mail, purportedly sent by the AMLC, its Members, its Secretariat or any of its officers and personnel, can either be e-mailed to the official AMLC Secretariat e-mail address at This email address is being protected from spambots. You need JavaScript enabled to view it. or mailed to the AMLC Secretariat, 5/F EDPC Building, Bangko Sentral ng Pilipinas Complex, Mabini corner Vito Cruz Streets, Malate, Manila, Philippines.  All replies of the AMLC Secretariat will also be sent through these official channels. 

 

 PUBLIC ADVISORY ON FRAUDULENT LETTERS OF GUARANTEES AND FACILITATION OF FUND TRANSFERS AND HOLD ON TAXES 

 The Anti-Money Laundering Council (AMLC) Secretariat has noted the inquiries it has received, both from the Philippines and abroad, on the authenticity of certain emails and letters, in which scammers pose as Members of the AMLC, or officers and personnel of the AMLC Secretariat.

 Typically, these scammers send emails or letters informing the potential victim to pay a certain amount of money (which they call “tax clearance”, “facilitation fee” or other similar terms) for him to receive an amount many times larger than this payment, supposedly “to release the hold on the funds” or “to guarantee safe and secure transfer of funds” to the victim’s account.  The scammers require the potential victim to deposit the “payment” to the scammers’ bank account, and disclose his bank account. Once the victim remits the “payment” to the scammers, the scammers cut off any communications with him, and the promised release of funds never materialize.

 The public is hereby informed that Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, the law that created the AMLC, does not grant the AMLC any function or authority to hold an account for tax purposes, guarantee safe and secure transfer of funds or oversee economic transactions, or to engage in commercial transactions.

 Thus, the AMLC and its Members, as well as the AMLC Secretariat or any of its personnel, do not, and will never, contact the public for payment of any sum of money or disclose details of bank accounts. Any email or letter purportedly sent by the AMLC or any of its Members, and its Secretariat, or any officer or employee thereof cannot be genuine or authorized by the AMLC.

 The public is therefore warned to ignore emails, letters, and other documents of this tenor, as these are fraudulent.

 The AMLC further advises the public to report these fraudulent activities to the appropriate law enforcement agencies.

 If you have been victimized by scammers or have encountered or received fraudulent emails or letters, or information on scams of the above tenor or similar deceptive schemes devised by persons identifying themselves with the AMLC or its Secretariat, please e-mail the AMLC Secretariat at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

 

 

To View AMLC AGUID 18-01: "Lend-Out"/ Dummy Accounts: Click this Link

 

 NEW AMLC RULES ON BENEFICIAL OWNERSHIP INTENDED FOR FINANCIAL TRANSPARENCY

To promote financial transparency, the Anti-Money Laundering Council (AMLC) has issued for the first time guidelines on beneficial ownership for all banks, insurance companies, and other covered persons. Covered persons include entities, businesses, casinos and professions subject to the authority and jurisdiction of the AMLC on anti-money laundering and counter-terrorism financing (AML/CFT) matters.

“Beneficial owners” refers to those individuals or natural persons who ultimately own or control the customer, or those for whom another person conducts a transaction. Money launderers and terrorists routinely use the cloak of anonymity to prevent the AMLC and law enforcement agencies (LEAs) to track them down. In the case of the AMLC, they also seek to avoid freezing and forfeiture of their assets obtained through criminal activities.

In many well-publicized cases, criminal elements and a number of high-ranking public figures have used dummies, including non-governmental organizations (NGOs), and individuals, to hide their identities. These criminals then use these dummies to conduct multiple financial transactions involving multiple accounts in the millions of pesos, thereby blurring the illegal source of the funds.

In response to these criminal activities, and to prevent future circumvention of the Anti-Money Laundering Act of 2001 (AMLA) and its implementing rules, the AMLC issued the Guidelines on Beneficial Ownership. Issuance of these Guidelines was also intended to bring the Philippines more at par with international financial standards on customer due diligence (CDD). These standards require banks, other financial institutions and certain professions to identify not only the customer with whom they transact, but also the beneficial owners.

Although Philippine standards on beneficial ownership as provided under the AMLA’s implementing rules and regulations, were rated medium-high in the 2017 National Risk Assessment, the AMLC perceived the need to adopt the new Guidelines to enhance these standards and guide covered persons in identifying beneficial ownership.

The Guidelines provide that covered persons must identify beneficial owners. Covered persons must conduct the risks posed by the customer and the beneficial owners. If they pose a high risk for money laundering or terrorism financing, validation of information must be performed by the covered person. The Guidelines therefore promote transparency and dissuade criminal elements, and would-be money launderers and terrorists from hiding their identities.

 The Guidelines were published on 27 November 2018 at Business World, and took effect on the same day.

 

To view the Guidelines, click this link.

 

 

ADVISORY ON A FRAUDULENT  LETTER OF OBLIGATION 

16 December 2015 

A certain "Letter of Obligation" allegedly issued by the Anti-Money Laundering Council (AMLC)  Secretariat  to a certain Iver Pehrson has come to the attention of the AMLC Secretariat.  Please be advised that the said Letter of Obligation is a bogus document. Neither the AMLC nor its Secretariat issues any kind of such document. The details (names, letterhead and signatures thereon) are falsified and obviously downloaded from the BSP website. The public is hereby CAUTIONED in transacting with Atty. Joseph Charles Adams & Patterson Law Firm, and any associates or agents of the foregoing, in relation to the claims in the Letter of Obligation.

 

 

ADVISORY ON A SPURIOUS LETTER OF GUARANTEE 

04 September 2013   

 The Anti-Money Laundering Council (AMLC) Secretariat received a request for the verification of a "Letter of Release Guarantee" purportedly issued by the AMLC upon the application of a certain Mr. Mickey Cozier, Officer of Investigation, Investment Assurance Corporation(with email address:This email address is being protected from spambots. You need JavaScript enabled to view it./www.iacinternational.org).
Please be advised that the said "Letter of Release Guarantee" is a spurious or fake document. Neither the AMLC nor its Secretariat issues any kind of such guarantee. The details (names, letterhead and signatures thereon) were just copied from AMLC's Bids and Awards Committee (BAC) documents posted on various official websites in the internet.
The public is hereby WARNED to act with caution in transacting with Mr. Mickey Cozier/ Investment Assurance    Corporation and any other individual or entity pretending to have obtained a letter of guarantee from the  AMLC. 

 

  

SEC ADVISORY  

DOJ Lookout Order for Emgoldex

15 November 2015

Direct Marketing Group Internatonal Corporation

21 October 2015

Bridges Team Effort Marketing Corporation

28 September 2015

Allianced of Networkers of the Philippines 

28 September 2015

Professional Forex Union Limited

22 February  2013

ADS ZENS Broker Corporation

 

Reyality Investment Corporation

23 November 2012

Double your Money Scam in Pagadian City

12 August 2012

 

BSP ADVISORY
BSP Warns the Public on Fake Bangko Sentral ng Pilipinas (BSP) Documents 8 September 2015
BSP Warns the Public Against "Phishing Scams" 8 June 2015
BSP Warns the Public on Text Scams 13 May 2015
Warning Advisory on Virtual Currencies 6 March 2014
Beware of Fraudulent Commercial Documents 28 August  2009



Back to Top