AML Training Courses Mandatory for Financial Institutions in Philippines
The Bangko Sentral ng Pilipinas (BSP) has recently mandated that all financial institutions in the Philippines formulate an annual Anti-Money Laundering (AML) training program. This move aims to strengthen AML efforts and prevent financial crimes.
Purpose of the Training Program
The training program is designed to provide continuous education to all responsible officers and personnel, ensuring compliance with obligations under the Anti-Money Laundering Act (AMLA) and its implementing rules and regulations. The program covers various aspects, including:
- Awareness of duties and responsibilities
- Customer identification processes
- Record-keeping requirements
- Reporting of suspicious transactions
Comprehensive Understanding of Internal Processes
Participants must have a comprehensive understanding of internal processes, including:
- Chain of command for reporting and investigating suspicious activities
- Procedures for identifying and verifying customer information
- Requirements for maintaining accurate and detailed records
Target Audience and Refresher Trainings
The program will be designed to cater to different levels of staff, from new employees to senior management and directors. Regular refresher trainings will also be provided to keep personnel updated on new developments and issuances related to AML and terrorism financing prevention.
Record Keeping and Examination Requirements
The annual AML training program and records of all seminars and trainings conducted or attended by personnel must be kept by the compliance office/unit/department. These records must be made available during examinations by the BSP.
Conclusion
This mandatory AML training program aims to enhance the country’s AML efforts and prevent financial crimes. By providing continuous education and training, financial institutions can ensure compliance with AML regulations and mitigate the risk of financial crimes.