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AMLC Philippines: Recently Approved Amendments to DNFBP Guidelines

In this video recorded on 08 June 2021, Atty. Mel Racela, Executive Director, Anti-Money Laundering Council (AMLC) Secretariat, Philippines highlights the pertinent revisions, important deadlines and regulatory expectations around the recently approved Amendments to the Designated Non-Financial Businesses and Professions (DNFBP) Guidelines.

Watch the video to learn about:

  1. Pertinent provisions in the scope, CTR thresholds and definition of terms
  2. Covered and suspicious transaction reporting and indicators
  3. Registration requirements and AMLC hotline numbers for assistance
  4. Important deadlines
  5. Regulatory expectations
  6. Key takeaways

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat divided his presentation into three parts:

  1. Amendments to the 2018 implementing rules and regulations (IRR), the majority of which are based on the recommendations contained in the 3rd round of ME report.
  2. Sanctions Guidelines, issued to improve the low level of Effectiveness under Immediate outcome (IO) 10 (Terrorist Financing Preventive Measures and Financial Sanctions), FATF Recommendation 6, in relation to Immediate Outcome 10 and to meet International Best Practice.
  3. Enforcement Guidelines, used when circumstances surrounding the non-compliance warrant a less severe form of supervisory action and the CPs exhibit willingness to voluntarily address compliance issues within a reasonable period of time and without the necessity of referral of an ROC to the LEG under the RPAC.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

The 2nd National Risk Assessment (NRA) of Philippines found that the level of national money laundering threat is high, arising from the predicate crimes of drug trafficking, graft and corruption, fraud, tax crimes, smugglings, Intellectual Property violations, illegal manufacturing and possession of firearms, ammunition and explosives, and environmental crimes. Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat talked about the NRA’s findings, coupled with risk mitigation AML/CTF strategies and initiatives.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

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