Pursuant to the Anti-Money Laundering Act of 2001 (AMLA), as recently amended by Republic Act No. 11521, which took effect on 30 January 2021, real estate developers (REDs), real estate brokers (REBs), offshore gaming operators (OGOs), and OGO-service providers (OGO-SPs) are now covered persons. Thus, these persons and entities are required to report covered and suspicious transactions to the AMLC within the period prescribed and for the threshold amount fixed by the law.
To enable covered persons to file reports, Sec. 4, Rule 22 of the 2018 Implementing Rules and Regulations (IRR) provides that “all covered persons shall register with the AMLC’s electronic reporting system in accordance with the registration and reporting guidelines.” Registration with the AMLC is online and free.
Sec. 1.4, Rule 35 of the 2018 IRR further provides that “for existing covered persons who are not yet registered: they shall not be cited for non-registration. Provided, that they shall apply for registration within thirty (30) working days from effectivity of this IRR.”
Non-registration is an administrative offense penalized under the Rules of Procedure on Administrative Cases. Failure to register would mean failure to electronically file covered and suspicious transaction reports with the AMLC, which is a money laundering offense per Sec. 4 of the AMLA, as amended.
REDs, REBs, OGOs, and OGO-SPs must register with the AMLC by 16 March 2021.
For more information, please contact the Registration Staff of the AMLC Secretariat at +632 8 708 7067, +632 5 302 3848, or +632 5 310 3244.
AMLC Registration and Reporting Guidelines