The AMLC issues the amended Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Guidelines for Designated Non-Financial Business and Professions (DNFBPs). This is in light of the recent amendments to the Anti-Money Laundering Act of 2001, particularly Section 2 of Republic Act No. 11521 or “An Act to Further Strengthen the Anti-Money Laundering Law, Amending for the Purpose Republic Act No. 9160, Otherwise Known as the ‘Anti-Money Laundering Act of 2001 (AMLA), as amended,’” which includes real estate brokers and developers; and offshore gaming operators and their service providers as covered persons.
The revisions will supplant the AML/CTF Guidelines for DNFBPs, which were previously issued on 10 May 2018.
Revisions include, among others:
Under the 2021 AML/CTF Guidelines for DNFBPs, new covered persons and existing DNFBPs who have not yet registered, are required to register with the AMLC within six (6) months from the effectivity of the Guidelines. In the case of newly established DNFBPs, registration must be done prior to commencement of its operation as a DNFBP. Accordingly, the AMLC shall post in its website a complete list of juridical entities and individuals registered as DNFBPs.
To download a copy of the AML/CTF Guidelines for DNFBPs, please click the link.
In accordance with the AMLC’s thrust to disseminate the guidelines to as many covered persons as possible, it shall organize several webinars in the next six (6) months. We encourage our new covered persons to attend any of these webinars to enable them to understand their responsibilities under the AMLA, as amended.
Posted 5 June 2021