Financial Crime World

Philippines’ AML/CFT Regulations: Know Your Obligations and Risks

The Anti-Money Laundering Council (AMLC) of the Philippines has implemented stringent regulations to combat money laundering and terrorist financing. As a result, financial institutions and non-financial businesses and professions are required to adhere to strict guidelines to prevent and detect such illicit activities.

Compliance with AML/CFT Regulations

To comply with AML/CFT regulations in the Philippines, covered persons must perform certain duties:

  • Conduct an Institutional Risk Assessment: Identify, assess, and understand money laundering/terrorist financing risks
  • Develop Sound Risk Management Policies: Manage and mitigate identified risks through policies, controls, and procedures
  • Formulate a Comprehensive Prevention Program: Include internal policies, controls, and procedures for customer due diligence, record-keeping, reporting requirements, and more
  • Conduct Customer Due Diligence: Identify and verify the identity of clients when establishing business or professional relationships
  • Report Suspicious Transactions: Report suspicious transactions to the AMLC

AML/CFT Reporting Obligations

Covered persons have a duty to report certain transactions to the AMLC, including:

  • Transactions Exceeding PHP 500,000 in Cash: Report covered transactions exceeding PHP 500,000 in cash or other equivalent monetary instruments
  • Suspicious Transactions: Report suspicious transactions that may be related to money laundering or terrorist financing

Further Guidance

For more information on AML/CFT regulations and obligations in the Philippines, visit the AMLC website at http://www.amlc.gov.ph/.

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