POGOs, real estate brokers required to register with the AMLC


ADVICE AGAINST MONEY LAUNDERING (AMLC) issued amended rules to include new covered persons such as real estate developers and brokers as well as Filipino offland-based gaming operators (POGO) and service providers, reflecting revisions to the country’s anti-money laundering law.

Amended Anti-Money Laundering (AML) and Anti-Terrorist Financing (CTF) Guidelines for Designated Non-Financial Businesses and Professions will allow newly covered persons to obtain their registration certificate from the AMLC within the next six months, without incurring any penalties.

Newly created entities that fall under the regulator’s expanded covered persons will now need to register with the AMLC before they can begin operations.

The new guidelines replace the previous regulations issued in 2018 for nonIffinancial businesses and professions which only covered jewelry dealers; business service providers for businesses; and lawyers and accountants involved in transactions with corporations, businesses and Iffinancial institutions.

The rules require Covered Persons to exercise customer due diligence to prevent transactions with criminals and adopt appropriate AML/CTF risk management systems in accordance with applicable laws and regulations. They should also cooperate fully with the guidelines of the AMLC regarding the Iffight against “dirty money” and terrorism Ifnancing.

Under the improved guidelines, cash transactions with property developers and brokers exceeding 7.5 million pesos will be included among the transactions covered by the AMLC.

This is in accordance with Republic Act 11521 enacted in January of this year, which enhanced the Anti-Money Laundering Act (AMLA) of 2001.

To get a certificateIfcat of registration with the AMCL, a copy of the business registration or license must be submitted; operating list offilocations of this; proof of presence of officer in an AML seminar; and the most recent clearance of all officer of a cover noIffinancial institution with the National Bureau of Investigation or its equivalent foreign jurisdictions.

“The AMLC may refuse to issue the registration certificate or cancel a previously issued certificate if the business or designated non-financial professional fails to provide true, accurate and complete registration requirements,” he said. declared.

The guidelines also included a new section requiring designated non-financial businesses and professions to IfReporting suspicious transactions to the AMLC within five business days of an “event”.

“For suspicious transactions, ‘the occurrence’ refers to the date the suspicion was established or the suspicious nature of the transaction was determined,” the AMLC said.

The Philippines has passed the February 1 deadline set by the Paris-based Financial Action Task Force (FATF) to strengthen its guard against dirty money and terrorism Ifnancing with the legislation of amendments to the LBA. However, the country has yet to prove that these stricter laws are being implemented.

An assessment by the International Monetary Fund and the World Bank in April warned that the country could still revert to the FATF’s “grey list” of countries with serious deficiencies in AML and CFT measures if the Philippines did not put implementation of major reforms by June 2021 .— Luz Wendy T. Noble

Kristan F. Talley