Clari5 Market Insights


The Anti-money Laundering Council

Regulatory Reporting Guidelines for FIs for Fraud and Money Laundering

Philippines’ AMLC Sets Out Regulatory Reporting Guidelines for Financial Institutions for Fraud and Money Laundering

By when must Financial Institutions (FIs) comply with the mandate?

All FIs must meet these guidelines with immediate effect.

Highlights of the guidelines

The Anti-money Laundering Council (AMLC), the Philippines’ Financial Intelligence Unit had amended the AMLC Registration and Reporting Guidelines (ARRG) in view of the issuance of AMLC Regulatory Issuance (ARI) No. 1, series of 2020, amending certain provisions of the 2018 Implementing Rules and Regulations of Republic Act No. 9160, also known as the Anti-money Laundering Act of 2001, and ARI No. 3, series of 2020, approving the deferment of reporting of specific transactions identified as low risk transactions for money service businesses (MSBs).

Salient Features of the 2021 ARRG Include the Following:

  • Comprehensive definition of “covered persons” to include certain types of designated non-financial businesses and professions.
  • Definition of “covered transaction” for real estate developers and brokers.
  • Delegated authority to the Executive Director of the AMLC to require submission of all covered transactions, including low risk, of persons subject to AMLC investigation.
  • Requirement to include specific details of the covered person’s reporting chain / process in its Money Laundering / Terrorism Financing Prevention Program.
  • Clarification of rules as regards timing of submission of suspicious transaction reports (STRs) [specifically the identification of applicable reporting and determination periods].
  • Clarification on non-working and non-reporting days in terms of the counting of the prescribed reporting period, including automatic suspension thereof.
  • Removal of loan payment as a low-risk transaction.
  • Provision of a list of low risk covered transactions involving Operators of Payment System.
  • Incorporation of previously approved low risk covered transactions involving MSBs.
  • Renaming of “no / low risk” covered transactions to “low risk” covered transactions.
  • Introduction of new provisions on compliance-checking and administrative sanctions.
  • Updated online registration guidelines.
  • Inclusion of STR trigger in the reporting of STRs.
  • Updating of the reason for suspicion to include two (2) new predicate crimes.
  • Guidelines in the reporting of loan availing and sale of real and other properties acquired.
  • Addition of new transaction codes.
  • Updating of country and currency codes.
  • Provision of guidelines in suspicious transaction reporting on a per account basis.
  • Provision of a list of “red flags” and transaction codes involving real estate transactions and those concerning virtual asset service providers.

How Clari5 helps Philippines’s FIs quickly comply with AMLC’s guidelines

Need More Information?