AMLC bestows award to BSP

THE Bangko Sentral ng Pilipinas (BSP) has received an award of appreciation from the Anti-Money Laundering Council (AMLC) for its “proactive and assiduous efforts” in preventing money laundering and terrorism financing in the country.

During the council’s 21st anniversary celebration keynoted by BSP Governor and AMLC Chairman Felipe Medalla, the AMLC recognized BSP for implementing new requirements for unregistered remittance operators and for applying money laundering-riskbased supervision of financial institutions.

Receiving the BSP’s award with the governor were AMLC Secretariat Executive Director Matthew David, BSP Director Dindo Santos, Insurance Commissioner Dennis Funa and BSP Director Florabelle Santos-Madrid.

In 2021, the BSP fused its Money Laundering Terrorist or Financing Risk Assessment System to its recently adopted Supervisory Assessment Framework to have more teeth in fighting against illegal or dirty money and fortify financial system stability.

Further back, the central bank also issued some memorandums and circulars that adds requirements for remittance centers.

The BSP and the AMLC said they will continue to work together to ensure that BSP-supervised entities are compliant with the AntiMoney Laundering Act of 2001 as amended.

Banks, offshore banking units, quasi banks, trust entities, nonstock savings and loan associations, pawnshops, foreign exchange dealers, money changers, remittance agents, electronic money issuers and other financial institutions are considered covered persons under the AMLA as amended.