ANTI-MONEY LAUNDERING COUNCIL

AML / KYC

Philippine Government Agencies, Departments Ordered to Adopt New AML Strategy

By Ranamita Chakraborty | 07/07/2023

The Philippines is looking to remove itself from the Financial Action Task Force’s “grey list” by improving its efforts in anti-money laundering, counter-terrorism financing, and counter-proliferation.

AML / KYC

AMLC Sheds Light on Terrorism Financing Threats Facing Philippines

By Editors | 21/06/2023

New risk assessment highlights the use of social media platforms and cryptocurrencies by terrorist groups to raise funds.

AML / KYC

Philippines Steps Up Efforts to Exit FATF ‘Grey’ List

By Ranamita Chakraborty | 20/06/2023

The Philippines’ Anti-Money Laundering Council’s executive director Matthew M. David talks to Regulation Asia about its action plan to take the country out of the Financial Action Task Force’s ‘Grey’ List.

AML / KYC

FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

By Sanday Chongo Kabange | 04/06/2023

CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

AML / KYC

Philippine AMLC Issues New Sanctions Screening Guidance

By Editors | 13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

AML / KYC

BSP Issues Guidance on Effective Transaction Monitoring

By Sanday Chongo Kabange | 27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

AML / KYC

BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

By Sanday Chongo Kabange | 07/04/2023

The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

AML / KYC

BSP Proposes Draft Regulations on TFS Implementation

By Editors | 10/11/2022

The amendments target terrorist and proliferation financing and are aimed at helping the Philippines secure its removal from the FATF grey list.

AML / KYC

Philippine May Pass Bank Secrecy Law Amendments Next Month

By Editors | 20/10/2022

The amendments will allow the BSP to look into deposit accounts for inquiries into fraud, serious irregularity, and unlawful activity.