Philippines - Apply for Anti-Money Laundering Compliance

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Procedure

Apply In Person

1. To Apply for Anti-Money Laundering Compliance, the applicant has to approach the ANTI-MONEY LAUNDERING COUNCIL SECRETARIAT link
2. Develop an AML program for the organization or business entity. This program should include policies, procedures, and internal controls aimed at preventing and detecting money laundering and terrorist financing activities.
3. The program should be tailored to your specific industry, risk profile, and compliance obligations.
4. Designate an individual within the organization as the AML Compliance Officer. This person will be responsible for overseeing and implementing the AML program, monitoring compliance with AML laws and regulations, and reporting suspicious transactions to the appropriate authorities.
5. An application form will be provided to the applicant by the concerned officer.
6. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
7. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
8. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
9. Submit all the documents with the completed form to the concerned officer.
10. The applicant has to pay the prescribed fee as requested by the authority.
11. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
12. Train the employees on AML policies, procedures, and their roles and responsibilities in detecting and reporting suspicious activities. Regularly update and reinforce their knowledge to ensure compliance.
13. Keep proper records of customer identification, transactions, and relevant documentation as required by AML regulations. Maintain these records for the specified duration and make them available for inspection by regulatory authorities when necessary.
14. Establish procedures for identifying and reporting suspicious transactions to the appropriate authorities, such as the AMLC or the Philippine Anti-Money Laundering Council Secretariat (AMLC Secretariat).
15. For further details, the applicant has to follow the instruction given by the officer.
16. This entire process can be completed within 4 – 5 weeks or as per the timeline advised by the respective department authority.

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Required Documents

• Application form
• AML program documentation
• Organizational structure and ownership document
• Customer due diligence (CDD) documents
• Internal controls and compliance documentation
• Recordkeeping documentation
• Business registration documents
• Any other documents (if required)

Office Locations & Contacts

ANTI-MONEY LAUNDERING COUNCIL SECRETARIAT
5/F EDPC Building
Bangko Sentral ng Pilipinas Complex
Mabini corner Vito Cruz Streets, Malate
Manila, Philippines
1004
Trunkline +63 2 8708 7701
Contact link

Eligibility

• Any financial institution that intends to Apply for Anti-Money Laundering Compliance is eligible to make this application.

Fees

• The applicant has to pay the prescribed fee as requested by the authority.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 4 – 5 weeks or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name
• Address
• Contact address
• Age
• Zip code
• Nationality
• Fac
• Email
• Mailing address
• Declaration
• Date
• Signature

Need for the Document

• Anti-Money Laundering (AML) compliance in the Philippines refers to the set of laws, regulations, and procedures implemented to prevent, detect, and deter money laundering and terrorist financing activities within the country.
• The objective of AML compliance is to safeguard the integrity of the financial system, protect businesses and individuals from the risks associated with money laundering, and contribute to global efforts against illicit financial activities.

Information which might help

Key components of AML compliance in the Philippines include:

• Anti-Money Laundering Act (AMLA)
• Reporting of Suspicious Transactions
• Customer Recordkeeping
• AML Training and Awareness
• Penalties and Enforcement

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

• Anti-Money Laundering (AML) compliance in the Philippines refers to the measures and processes implemented by individuals, businesses, and financial institutions to prevent and detect money laundering and terrorist financing activities within the country.
• It involves adhering to the laws, regulations, and guidelines set forth by the government and regulatory bodies to combat financial crimes and protect the integrity of the financial system.