AMLC tightens anti-laundering rule

anti-laundering
anti-laundering

The Anti-Money Laundering Council (AMLC) has ordered financial institutions to report within five days transactions involving the possible entry of “dirty money.”

“Considering the urgency of bringing to the attention of the AMLC suspicious transactions particularly those involving huge amounts and of public interest, which warrant immediate investigation by the AMLC Secretariat, the five-working day reporting period for covered and suspicious transactions as provided under Republic Act (RA) No. 10365 should be reinstated,” AMLC said in Resolution No. 61 issued on July 20, referring to the amendment of the anti-money laundering law.

The AMLC noted that in 2014, it came out with Resolution No. 11 ordering covered persons to file within a 10-working day period both covered as well as suspicious transactions, as prescribed by RA 9160 or the Anti-Money Laundering Act (AMLA) of 2001.

AMLC officials had said the 10-working day reporting period was too long, hence the council decided to reinstate the five-working day reporting period for covered and suspicious transactions.

AMLC also gave “all covered persons a lead time of 60 calendar days from date of [issuance of Resolution 61] to have their anti-money laundering electronic system aligned with the requirement of the five-working day reporting period.”

The resolution was signed by AMLC Chair and Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. as well as AMLC members Teresita J. Herbosa and Emmanuel F. Dooc, Securities and Exchange Commission chair and Insurance Commissioner, respectively.

The BSP already advised the financial institutions it supervises to comply with the AMLC resolution.

In a text message, Espenilla said the resolution was AMLC’s response to the lengthy reporting period—one of the reasons earlier blamed why the council and monetary authorities were unable to immediately receive Yuchengco-led Rizal Commercial Banking Corp.’s report on the entry of $81 million in stolen money from Bangladesh’s central bank into the domestic financial system last February.

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