In keeping with its mandate and commitment to level up capacity-building and nurture a culture of compliance among key players in the financial sector, the Anti-Money Laundering Council (AMLC) Secretariat recently kicked off its nationwide caravan of lectures on the Anti-Money Laundering Act of 2001 (Republic Act [RA] No. 9160), as amended (AMLA), and related rules and regulations. Dubbed as the “Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Information Campaign”, the eight (8)-hour lectures were well-attended by officials and front-liners of banks, money service businesses, and pawnshops.

Leading the caravan was AMLC Secretariat Executive Director Mel Georgie B. Racela, with the Secretariat’s legal and examination, and information technology (IT) experts, and Mr. Alvin L. Bermido, Head of its Technical Services Staff (TSS).  

The lectures covered amendments to the AMLA (including the most recent, inclusion of casinos as covered persons); its 2016 Revised Implementing Rules and Regulations; the newly-adopted Rules on Imposition of Administrative Sanctions; Reporting Procedures and Guidelines; relevant issuances of the AMLC and the Bangko Sentral ng Pilipinas (BSP); the National Risk Assessment (NRA), and the upcoming Asia Pacific Group (APG) Mutual Evaluation in 2018. AMLA regulations require the officers and front-liners of covered persons to attend AML/CFT trainings every two (2) years.

The first leg of the caravan was held on 13-14 October 2017 in Laoag City, Ilocos Norte, at the Java Hotel, which was attended by 195 participants from all over the Ilocos Region, the Cordilleras and Cagayan Valley. The second leg was held on 27-28 October 2017, in Cebu City, at the Montebello Villa Hotel in Banilad, and was attended by 408 participants from across the Visayas and northern Mindanao. For the third leg of the roadshow, the Secretariat delivered the lectures in Davao City, at the Pinnacle Hotel and Suites, on 17-18 November 2017, which was attended by 371 participants from all over Mindanao. Separate lectures were delivered for banks, and for money service businesses and pawnshops.

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 In his messages to participants, Executive Director Racela stressed the country’s approach to AML/CFT policies, laws and regulations: risk-based and tiered approach to customer identification system; on-going monitoring of customers; completeness, accuracy and timeliness of reports; the need for continuing and effective training programs; and record-keeping. He also pointed out that to ensure effectiveness of compliance, three (3) lines of defense should be in place to protect covered persons from money laundering and terrorist financing risks: (1) the business unit function (front-liners); (2) the compliance function; and (3) the audit function.

AMLC Secretariat Lecture Caravan. Executive Director  Mel Georgie B. Racela  gives  the opening  remarks  of the  information awareness    campaign to  proprietors and   representatives   of money  service  businesses,   last    18 November 2017,  at the Pinnacle  Hotel  and Suites,  Davao City.  A  total of 371  participants from  all  over   Mindanao   attended  the  lecture  caravan    in Davao City.

Moreover, Executive Director Racela said that the AMLC and the BSP both assist covered persons to develop a culture of compliance. He identified covered persons as the AMLC’s partners in combating money laundering and terrorism financing.

The fourth and last leg of the caravan will be held on 14 and 15 December 2017, at the Bulwagang Bangko Sentral ng Pilipinas, BSP Complex, Manila. More than 400 participants are expected to attend it.

CEBU ROADSHOW. Executive Director Mel Georgie B. Racela (center), with bank officials and representatives, and AMLC Secretariat personnel at the Montebello Vista Hotel, 27 October 2017. Some 408 participants attended the lectures in Cebu City.

LAOAG LECTURES. At the center are Executive Director Mel Georgie B. Racela (in white, standing), and Mr. Alvin L. Bermido, Head of the Technical Services Staff (in jacket, sitting), in a group picture with attendees of the lecture campaign in Laoag City, Ilocos Norte. Close to 200 participants attended the sessions.

DAVAO AMLA LECTURE. Personnel of various universal, commercial and rural banks attend the Davao leg of the lecture caravan, at the Pinnacle Hotel and Suites, Davao City. The lectures included updates on the Anti-Money Laundering Act of 2001, as amended, and the 2016 Revised Implementing Rules and Regulations (RIRRs), and electronic reporting procedures.