AMLC Chairman's Statement on the PH's formal exit from the FATF grey list

ALL COVERED PERSONS TO DEAL ONLY WITH DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS REGISTERED WITH THE AMLC

     AMLC Resolution No. 81 dated 09 May 2019 directed the issuance of an advisory to covered persons (CPs) dealing with clients who are classified under the sector of Designated Non-Financial Businesses and Professions (DNFBPs) to demand presentation of their Certificate of Registration (COR) or Provisional COR (PCOR) with the AMLC as part of Customer Due Diligence (CDD) measures under Section 3.5(b)(1) of the 2018 Implementing Rules and Regulations of the AMLA, as amended. Failure of a DNFBP to supply its P/COR is a ground to conduct enhanced due diligence measure (EDD) and/or to re-evaluate the business relationship. On the part of the CP failing to comply with this directive, it may be cited for the applicable administrative sanctions under the Rules of Procedure in Administrative Cases (RPAC). 

     All CPs must deal only with registered DNFBPs with valid or subsisting P/COR or may risk being cited for a Serious Violation under Section 2(C)(25), Rule IV, of the RPAC. 

     The updated list of Registered DNFBPs as of 27 December 2024 is posted at Registered DNFBPs. 

     For the names of newly registered DNFBPs not yet included in the list, CPs may contact for confirmation/validation the Registration Staff of the Compliance and Supervision Group, Detection and Prevention Department, at telephone numbers (632) 5302-3848, 5310-3244, 8708-7067. 

Posted at www.amlc.gov.ph on 31 Jan 2025

AMLC TRAININGS (FEBRUARY 2025)

 Posted: 30 January 2025

PHILIPPINES EXITS FATF GREYLIST

The Philippines welcomes its removal from the Financial Action Task Force (FATF)’s greylist, a milestone that underscores the country’s commitment to combat money laundering and terrorist financing.

Countries in the FATF greylist are placed under increased monitoring. This is a burdensome process for banks and other financial institutions. This process discourages correspondent banking relationships and international financial flows into the country.

The Philippines’ exit from the FATF greylist is expected to facilitate faster and lower-cost cross-border transactions, reduce compliance barriers, and enhance financial transparency. These will support business, strengthen the country's position as an attractive destination for foreign direct investment (FDI), and benefit Filipinos, particularly overseas Filipino workers (OFWs) 

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