January 3, 2023 | 12:00am
MANILA, Philippines — Designated non-financial companies and professions (DNFBPs) that did not register on time are dealing with sanctions from the Anti-Cash Laundering Council (AMLC).
In an advisory, the nation’s sole monetary intelligence unit reminded DNFBPs to register with the AMLC as lined individuals underneath Republic Act 9160 or the Anti-Cash Laundering Act of 2001, as amended.
“Non-registration with the AMLC could outcome within the imposition in opposition to unregistered DNFBPs of acceptable enforcement actions underneath the Enforcement Motion Tips and/or administrative sanctions, as per the Guidelines of Process in Administrative Instances underneath the AMLA, as amended,” the company mentioned.
Part 9(c) of the AMLA, as amended, requires lined individuals to file lined (CTRs) and suspicious transaction studies (STRs).
For this function, Part 4, Rule 22 of the 2018 IRR mandates all lined individuals to register with the AMLC’s digital reporting system in accordance with the AMLC Registration and Reporting Tips underneath the AMLC Regulatory Issuance No. 4, Sequence of 2021.
Based on the AMLC, unregistered DNFBPs won’t be able to electronically submit lined transaction studies (CTRs) and suspicious transaction studies (STRs).
“Non-submission of CTRs/STRs, understanding that such studies are required to be submitted to the AMLC, is penalized as a cash laundering offense underneath the final paragraph of Part 4 of the AMLA, as amended,” it mentioned.
DNFBPs embrace jewellery sellers; sellers in treasured metals and sellers in treasured stones; firm service suppliers, individual, together with legal professionals, accountants, and different professionals; casinos, together with Web- and ship-based casinos, with respect to their on line casino money transactions and associated to their gaming operations; actual property brokers and builders; and offshore gaming operators, in addition to their service suppliers, supervised, accredited, or regulated by the Philippine Amusement and Gaming Corp. (PAGCOR) or any acceptable authorities company.
The legislation states that lined individuals are required to adjust to all the necessities underneath the AMLA and the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA), their respective IRRs, and different AMLC issuances.
“Lined individuals shall have the obligation to cooperate with the AMLC within the discharge of the latter’s mandate and execution of its lawful orders and issuances, to guard their companies or career from being utilized in cash laundering and terrorism financing actions,” the AMLC mentioned.
International soiled cash watchdog Monetary Motion Job Pressure (FATF) has given the Philippines till this month to handle strategic deficiencies in its regimes to counter cash laundering, terrorist financing, and proliferation financing.
The FATF re-included the nation within the grey checklist or checklist of jurisdictions underneath elevated monitoring in June 2021 for having insufficient cash laundering and counter terrorism financing controls.
