Financial Crime World

Philippines Faces Tight Deadline to Improve Financial Sanctions Compliance Ahead of FATF Review

Urgent Need for Improvement in Sanctions Screening Programs

The Philippines Anti-Money Laundering Council (AMLC) has issued guidance highlighting key gaps and deficiencies in the country’s sanctions screening programs, emphasizing the need for regulated firms to improve compliance. With a January 2024 deadline to be removed from the Financial Action Task Force (FATF) grey list, improving financial sanctions compliance will be a top priority.

Key Findings from AMLC Review

According to the AMLC review, sanctioned entities continue to pose a significant risk to the country’s financial system. The review identified several common themes that contribute to ineffective sanctions programs, including:

  • Inadequate training for employees responsible for sanctions screening
  • Lack of resources and budget constraints
  • Failure to adequately screen for sanctioned entities

Best Practices for Strengthening Financial Sanctions Compliance

To avoid non-compliance risks, regulated firms are advised to prioritize sanctions screening and adopt best practices to minimize their exposure to sanctioned entities. The following guide provides actionable insights on how to strengthen financial sanctions compliance:

  • When and How to Perform Sanctions Screening: Understand the importance of regular screening and learn how to perform it effectively.
  • Common Causes of Ineffective Sanctions Programs: Identify common pitfalls and take steps to avoid them.
  • Best Practices to Adopt: Learn from industry experts on how to design and implement an effective sanctions program.

Minimizing Non-Compliance Risks

The guide also offers practical advice on minimizing non-compliance risks, including:

  • Staying ahead of evolving regulatory requirements
  • Implementing a robust risk-based approach to sanctions screening
  • Developing a comprehensive compliance program

Download Your Copy Today

With the FATF grey list deadline looming, this timely publication is essential reading for regulated firms seeking to demonstrate their commitment to financial sanctions compliance. Download your copy now to stay informed and compliant with the latest regulations.