Reminder for Covered Persons to require the presentation of the Certificate of Registration (COR) with the AMLC for Designated Non-Financial Businesses and Professions (DNFBPs) as part of Customer Due Diligence (CDD) measures

The Anti-Money Laundering Council (AMLC) reminds covered persons dealing with customers which are juridical persons, who are Designated Non-Financial Businesses and Professions (DNFBPs), to require the presentation of the Provisional Certificate of Registration (PCOR) and/or Certificate of Registration (COR) with the AMLC as part of the Customer Due Diligence (CDD) measures prescribed under Chapter VI, Rule 18, Section 3.5(b)(1) of the 2018 Implementing Rules and Regulations (IRRs) of the Anti-Money Laundering Act (AMLA), as amended. Under the AMLA, as amended, the following DNFBPs are considered covered persons: 

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IN MEMORIAM

Photo BSP Corporate Affairs Office

Nestor A. Espenilla Jr.

1958-2019

The Anti-Money Laundering Council (AMLC) and its Secretariat deeply mourn the passing of its Chairman and Bangko Sentral ng Pilipinas (BSP) Governor, Nestor A. Espenilla Jr., on 23 February 2019. He was 60 years old.

Appointed head of the country’s central bank by President Rodrigo Roa Duterte on 3 July 2017, Chairman Espenilla was the ex-officio Chairman of the AMLC, the Philippine International Convention Center (PICC), and the Financial Stability Coordination Council (FSCC).

Under Chairman Espenilla’s leadership, the AMLC saw the passage of Republic Act (RA) No. 10927 or “An Act Designating Casinos as Covered Persons under the RA No. 9160, otherwise known as the Anti-Money Laundering Act of 2001 (AMLA), as amended,” placing casinos as covered persons under the AMLA, as amended. Subsequently, the AMLC, together with Philippine Amusement and Gaming Corporation (PAGCOR), Aurora Pacific Economic Zone and Freeport (APECO), and Cagayan Economic Zone Authority (CEZA) signed the Casino Implementing Rules and Regulations (CIRR) of RA No. 10927, to prevent the Philippine casino industry from becoming venues for money laundering and terrorist financing.  

As an experienced and learned policymaker, Chairman Espenilla oversaw the adoption of significant regulations, such as the AMLC Registration and Reporting Guidelines (ARRG) and its amendments as well as ARRG for Casinos to ensure proper and timely compliance with reporting procedures; the Digitization of Customer Records (DIGICUR); the AML/CFT Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs); the Guidelines on Identifying Beneficial Ownership; and the 2018 Implementing Rules and Regulations (IRR).

Other milestones under Chairman Espenilla's guidance were the approval of the Second National Risk Assessment Report, which evaluated the overall threat and effectiveness of the country’s anti-money laundering and counter-terrorism financing mechanisms, covering the years 2015 and 2016; and the approval of the National Anti-Money Laundering and Counter-Financing of Terrorism Strategy (NACS). Largely driven by the Second NRA, the NACS laid out seven concrete objectives, ranging from enhancement of Philippine laws and regulations, strengthening the AMLC’s investigations and prosecutions, coordination among government agencies, development of mechanisms to deter money laundering and financing of terrorism, improved supervision of covered persons, international cooperation, and information dissemination to combat money laundering and terrorism financing.

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Amendments to the Online Registration System

In its Resolution No. 192, Series of 2018, dated 23 November 2018, the Anti-Money Laundering Council (AMLC) approved certain amendments to Part 2 – Online Registration System (ORS) of the AMLC Registration and Reporting Guidelines (ARRG).

Pursuant to the same Resolution, the AMLC Secretariat issued said amendments as AMLC Regulatory Issuance (ARI) A and B, No. 3, Series of 2018. The AMLC adopted these amendments after noting that certain covered persons need additional time to complete all documentary requirements for registration with the AMLC.

 Accordingly, please be advised that under ARI A and B, No. 3, Money Service Businesses (MSBs), pawnshops, and Designated Non-Financial Businesses and Professions (DNFBPs) may now be issued Provisional Certificates of Registration (PCORs), valid for six (6) months, pending their completion of documentary requirements for registration.

A registering MSB or pawnshop may already be issued a PCOR upon compliance with Guidelines 1 to 3 of the ORS, namely: (1) uploading of the Department of Trade and Industry (DTI) and notarized document attesting to the designation of the Primary Designated Officer; (2) generation of the required public keys; and (3) online registration with the AMLC portal.

 On the other hand, a registering DNFBP must, in addition to its compliance with Guidelines 1 to 3, upload notarized Deeds of Undertaking signed by its authorized officer, who shall undertake to strictly comply with Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as amended (AMLA) and its Implementing Rules and Regulations, and to assume responsibility for any violation thereof.

To view the amendments to the ORS, please click this link.

ASSOCIATION OF REMITTANCE COMPANY COMPLIANCE OFFICERS - PHILIPPINES (ARCCO) LAUNCH AND CONFERENCE

Compliance officers and representatives of Money Service Business (MSB) entities across the nation are invited to “MSBs: Service Beyond Money & Business,” the inaugural event and conference of the Association of Remittance Company Compliance Officers - Philippines (ARCCO), Inc. on 26 April 2019 at the Dusit Thani Manila, Makati City from 8 a.m. to 5 p.m..

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