Course Duration: 23 minutes
Course Points: 20
The Philippines is exposed to targeted sanctions risks from specially designated nationals (SDNs) blocking sanctions for specific terrorist groups operating in the Philippines, and comprehensive sanctions risks from Iran, North Korea and Cuba in particular due to trade relationships with these countries. In this regard, the speaker talked about the importance of having KYC controls, verifying beneficial owners and having effective name screening and re-screening in place. Intermediaries must, in addition,
review shipping documents, track vessels and consider red flag indicators.
This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.