AMLC, LBC Express in anti-money laundering deal
In a pioneering move that hopes to reinforce public confidence in the national financial system, the AntiMoney Laundering Council (AMLC) has forged a new partnership with LBC Express.
LBC, being one of the country’s market leaders in international and domestic remittance transactions operates across a network of 6,400 branches, partners, and agents worldwide. The company is known for its stringent monitoring and tracking, in compliance with the guidelines of the Anti-Money Laundering Act (AMLA).
“Dubbed the Information Sharing Protocol, this groundbreaking public-private partnership (PPP) highlights a renewed focus on information exchange and capacity building programs between stakeholders, to ensure that the country will not be used as a money laundering haven. Our efforts will ultimately be a step towards protecting
the country from terrorism and other unlawful activity, while ensuring the safety and integrity of our kababayans padala,” said Irene Torres, LBC Express, Inc. VicePresident for Compliance.
AMLC, for its part, commits to generate a culture of trust, partnership and cooperation with LBC.
“We have a strong focus on fostering strategic coordination and collaboration, especially when it comes to understanding priorities, generating plans, and sharing information. ALMC is a partner of the private sector and this presents a milestone and a new chapter in our relationship with LBC,” said Mel Georgie Racela, Executive Director of AMLC Secretariat.
With this agreement, both organizations are committed to reduce consumer risk related to money laundering, increase confidence in regulatory compliance, boost security across all transactions, and ensure better transparency.