Certified.ph

Action: All these updates will be reflected in the AML e-Learning Modules , Complete and Foundation, in the aml.certified.ph website, by April 2021.

AMLC Regulatory Issuance (ARI) A, B, C No. 1, Series of 2020

• Domestic Wire Transfer - UARR Vol. 2 -
  (Sec. 4 which amends Section 6.1.7 of Rule 19 of the 2018 IRR of the AMLA):
• Relationships/Associates of Politically Exposed Persons (PEPs) - UARR Vol. 2
  (Sec. 3 which amends Section 1 .3 of Rule 19 and Sec. 8 which amends Section 1.1 of Rule 22 of the 2018 IRR of the AMLA):
• Legal persons from Higher Risk Countries- UARR Vol. 2
  (Sec. 5 which amends Section 8.1 of Rule 19 and Sec. 8 which amends Section 1.1 of Rule 22 of the 2018 IRR of the AMLA):
• Reporting of Attempted Transactions in Suspicious Transaction Reporting – CFT
  (Sec. 2 which amends Section 1 of Rule II and Sec. 8 which amends Section 1.1 of Rule 22 of the 2018 IRR of the AMLA):
• Promptly Filing of Suspicious Transaction Reports – CFT
  (Sec. 9 which amends Section 2.2 of Rule 22 of Rule II of the 2018 IRR of the AMLA):
• Updating of CDD – IRR
  (Sec. 11 which amends Section 8.3 of Rule 18 of the 2018 IRR of the AMLA):

 

AMLC Regulatory Issuance (ARI) No. 2, Series of 2020

• Deadline for DIGICUR - GDCR
  Extension of the deadline for compliance with the requirements of the Guidelines on Digitization of Customer Records (DIGICUR) from 13 April 2021 to 30 September 2021.

 

AMLC Regulatory Issuance (ARI) No. 3, Series of 2020

• Amendment to the ARRG, inclusion of No/Low Risk Transactions for MSBs.
  Deferred CTR Reporting for No/Low Risk MSB Transactions

 

AMLC Regulatory Issuance (ARI) No. 4, Series of 2020

• Targeted Financial Sanctions (Targeted Asset Freeze and Prohibition against Dealing) – UARR Vol. 2
  Targeted Financial Sanctions are defined as restrictions put in place by the UN and the UNSC, a supra-national jurisdiction (e.g. European Union), another jurisdiction or by the Philippine government to achieve a specific foreign policy or national security objective. They can limit the provision of certain financial services, and/or restrict access to financial markets, funds and economic resources.
• AMLC Resolution Nos. TF-25 and 26, Series of 2020 (Freeze order to implement TFS against those under the UNSC Consolidated List) – UARR Vol. 2
  Who needs to comply?
  • Covered persons
  • Relevant government agencies (ex. , LRA, RD, MARINA, and the CAAP); and
  • General public, regarding the prohibition against dealing

 

AMLC Regulatory Issuance (ARI) No. 5, Series of 2020

• Resolution Procedures of Administrative Cases Before a Formal Charge is Filed – RPAC
  The AMLC Enforcement Action Guidelines provides procedures for the resolution of administrative cases at the level of the Compliance and Supervision Group of the AMLC Secretariat, prior to the filing of a formal charge under the Rules of Procedure in Administrative Cases (RPAC).

 

Money Laundering (ML)/Terrorist Financing (TF) Risk Assessment System (MRAS)

• MRAS Four Point Rating Scale
  BSP MEMORANDUM NO. M-2020-084 released 23 November 2020

 

The Anti -Terror Act of 2020

• Features of ATA Relevant to the AMLA
• Designation ex parte of terrorist individuals; and terrorist organizations, associations, or groups of persons;
• Implementation of targeted financial sanctions to stop the flow of funds or assets to terrorists; and to stop the use of such funds or assets, pursuant to UNSCR 1373;
• Evidentiary standards of “probable cause” when making designations; and
• Criminality provisions for foreign terrorist fighters and the financing of the travel of terrorists.

Summary of 2021 Amendments to the AMLA

(R.A. No. 115211) which took effect 30 January 2021

• New covered persons:
  • Real estate developers (RED) & Real Estate Brokers (REB): (Transactional Threshold: in excess of Php7.5 Million)
  • Offshore gaming operators (OGO) and their service providers (OGO-SP): (Transactional Threshold: in excess of Php5Million cash transaction)
• New Unlawful Activities:
  • Tax Evasion
  • Proliferation of Weapons of Mass Destruction and Proliferation Financing
• AMLC may apply for issuance of:
  • a search and seizure order; and
  • (ii) subpoena with any competent court
• AMLC to retain a percentage of forfeited assets
  • (necessary for its preservation, management or disposal) pending turnover to the National Government
• No TRO or injunctive relief against the AMLC in the exercise of the TFS
  • (freeze and forfeiture) and Asset Preservation Orders, except thru Court of Appeals and Supreme Court