AMLC to release new regulatory framework

The AML council will release a new regulatory framework that would cover casinos in October.

Philippines.- The Anti Money Laundering Council (AMLC) is set to release a new regulatory framework that will cover casinos by the third week of October. The date has been set regarding the deadline given to the central bank’s anti-money laundering unit.

AMLC executive director Attorney Mel Georgie Racela said: “Based on our time line, we might be able to issue one week before the deadline. We’re looking at between October 10 to 14 to get approval from our respective boards (AMLC),” Manila Bulletin reported.

Back in July, the AMLC obtained 90 dates from the signing of Republic Act No. 10927 to implement rules and regulations (IRR). The deadline was October 29, as the local news outlet reported. Racela added that between this month and March 2017, several follow-up guidelines on the IRR will be issued. Among those guidelines will be included KYC (Know Your Customer) rules and how casinos can comply with anti-money laundering provisions with risk profiles.

“There are detailed parts of the IRR (but this could take awhile) so the strategy is to issue the IRR first and then we will issue subsequently the guidelines (such as) KYC,” he added. Casinos under the AMCL rules will be forced to conduct KYC procedures, report suspicious transactions, casino covered cash transactions of approximately US$100k and keep records of KYC documents and transactions, among other things.

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