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The Philippines AML/CTF supervisors

The Anti Money Laundering Council (AMLC)

The Terrorism Financing Prevention and Suppression Act and the Anti Money Laundering Act are both implemented by the Financial Intelligence Unit (FIU) of the Philippines, known as the Anti Money Laundering Council (AMLC).

The Securities and Exchange Commission, the Insurance Commission, the Bangko Sentral ng [SS1] Pilipinas, or other governmental organisations designated by law to watch over or regulate a specific financial institution or Designated Non-Financial Business and Profession are the Supervisory Authorities.

How do you comply with AML/CTF regulations in the Philippines?

  1. Risk Assessment
  2. A compliance management system, such as appointing a compliance officer at the management level or establishing a compliance unit
  3. Techniques for personnel screening to achieve high standards
  4. Programs for ongoing education and training
  5. Independent auditing activities
  6. Information on how the customer due diligence, record-keeping, and reporting obligations will be implemented
  7. Compliance with all AMLC guidelines, including those regarding asset preservation, bank investigations, and freeze orders
  8. Adequate protections for the use and confidentiality of information exchange, including measures to stop tip-offs
  9. Cooperation between the Supervisory Authorities and the AMLC
  1. Establishing a professional or business relationship
  2. Any transactions over PHP 100,000 or any other threshold that may be established by applicable regulatory authorities, including circumstances where the transaction is carried out in a single operation or numerous operations that appear to be related
  3. Occasionally performing wire transactions
  4. ML/TF act is suspected, regardless of any criteria or exclusions
  5. The validity or sufficiency of previously acquired identity information and/or data are under question by the covered person
  1. Process for identifying customers
  2. Process for verifying customers
  3. Agent identification and verification
  4. Verification of beneficial ownership
  5. Establishing the relationship's purpose
  6. Ongoing procedure of surveillance