As covered persons, DNFBPs are required to develop, adopt, and implement an MTPP. The MTPP is an essential component in the anti-money laundering and counter-terrorism financing (AML/CTF) compliance regime of DNFBPs. One of the primary goals of the MTPP is to protect the institution from money laundering, terrorism financing, and other financial crimes. Thus, designing a risk-based MTPP must be one of the top priorities of a DNFBP’s management.
In this regard, the AMLC prescribes the MTPP Outline for DNFBPs, which serves as a guide in the MTPP development of DNFBPs. The outline contains the minimum requirements for an MTPP provided under Section 9 of the 2021 AML/CTF Guidelines for DNFBPs. This outline shall not, however, be taken as the only format acceptable as there is no one-size-fits-all MTPP, given the different risks and business models of DNFBPs. DNFBPs may supplement the policies and procedures required in this outline with their own relevant policies and procedures on various lines of businesses, which address specific areas and risks.
MTPP Outline for DNFBPs
Posted 6 December 2021