BSP commended for anti-money laundering contributions

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 (ML) and terrorism financing in the country.

During its 21st anniversary celebration keynoted by BSP Governor and AMLC Chairman Felipe M. Medalla (left photo), the AMLC recognized the BSP for implementing new requirements for unregistered remittance operators and for applying ML-risk-based supervision of financial institutions.

Receiving the BSP’s award with the Governor (second photo, center) are (from left) AMLC Secretariat Executive Director Matthew M. David, BSP Director Dindo R. Santos, Insurance Commissioner Dennis B. Funa, and BSP Director Florabelle M. Santos-Madrid.

The BSP and the AMLC continue to work together to ensure that BSP-supervised entities are compliant with the Anti-Money Laundering Act of 2001 (AMLA), as amended. Banks, offshore banking units, quasi-banks, trust entities, non-stock 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.

The AMLC annually recognizes the contributions of its partner agencies and other stakeholders in implementing and sustaining a whole-of-nation approach to combating money laundering and terrorism financing.