THE ANTI-MONEY Laundering Council (AMLC) has given non-bank financial firms more time to comply with requirements to get aboard its online submission portal.
In a statement, the AMLC announced it will be granting provisional certificates of registration to pawnshops, money service businesses (MSBs) and similar non-bank covered persons to get aboard the regulator’s online registration system.
“The AMLC adopted these amendments after noting that certain covered persons need additional time to complete all documentary requirements for registration with the AMLC,” the country’s financial intelligence unit said in its website.
The temporary accreditation will be valid for six months, and can only be secured “pending their completion of documentary requirements for registration.”
Pawnshops as well as MSBs like money changers and remittance agents can secure the temporary permit once they have uploaded their notarized document for a primary designated officer, generated the required public keys, and have signed up through the AMLC’s online portal.
Meanwhile, non-financial businesses and professions like jewellers, accountants and lawyers should have already sent in their notarized deeds of undertaking to comply with the provisions of the Anti-Money Laundering Act.
In May, the AMLC required dealers of jewelry and precious metals and stones, third-party company service providers, as well as lawyers, accountants and persons who manage client money, securities and other assets to report to the state’s financial watchdog.
The AMLC said that the provisional accreditation can still be extended for another six months based on “justifiable grounds.” Upon completion of the requirements, a certificate of registration will be issued to the covered firm, according to the regulatory issuance signed by AMLC Secretariat Executive Director Mel Georgie B. Racela.
Under the law, banks, insurance firms, casinos and other covered entities need to report transactions or deals worth P500,000 or higher as well as suspicious transactions to the AMLC within five to 10 working days from occurrence. These are used as leads in pursuing potential money laundering cases and other predicate crimes.
All transaction records should also be kept for a five-year period, with the files to be kept in electronic databases for easier access.
National money laundering threat remained “high” from 2015-2016, according to the second national risk assessment report published by the AMLC in December. — Melissa Luz T. Lopez