With the release of Regulatory Issuance No. 4 Series of 2021, the Anti-Money Laundering Council issued the 2021 AMLC Registration and Reporting Guidelines in accordance to Resolution No. 142 dated June 22, 2021.
In the section of Online Registration of the stated Regulatory Issuance, it states that one of the purposes of the AMLC in accordance with Section 7.1 of RA 9160, as amended, is “to require and receive and analyze covered or suspicious transaction reports (CTRS/ STRS) from covered persons.”
Section 4, Rule 22, in relation to Sec 3.2, Rule 4, and Sec. 1.4, Rule 35 of the 2018 IRR of the AMLA also provides that, “All covered persons shall register with the AMLC’s electronic reporting system (in) accordance with the registration and reporting guidelines.”
The same Regulatory Issuance provides for the corresponding definition of terms therein.
Covered person, refers to “financial institutions and designated non-financial businesses and professions” under Rule 4, Section 1, of the 2018 IRR, excluding casinos.
Covered transactions refers to: “1) A transaction in cash or other equivalent monetary instrument exceeding PHP 500,000.00; 2) A transaction with or involving jewelry dealers, dealers in precious metals and dealers in precious stones in cash or other equivalent monetary instrument exceeding PHP 1,000,000.00; 3) A cash transaction with or involving real estate developers or brokers exceeding PHP 7,500,000.00 or its equivalent in any other currency.”
Covered transaction report (“CTR”) refers to “a report on a covered transaction, as herein defined, filed by a covered person before the AMLC.”
Suspicious transaction refers to “a transaction, regardless of amount, where any of the suspicious circumstances, as herein defined, is determined, based on suspicion or, if available, reasonable grounds, to be existing.” Suspicious transaction report (“STR”) refers to “a report on a suspicious transaction, as herein defined, filed by a covered person before the AMLC.”
Note that, online registration with the AMLC is a must to be able to access the AMLC portal for submission of CTRs and STRs. Note further, that this online registration system requires Compliance Officers to have their information updated every two years.
There are a few guidelines that must be met to be able to proceed with the online registration.
1. Documents showing the designation of the compliance officers (COs), associated persons (APs), or primary designated officers (PDOs) must be uploaded in PDF format. Note the following documents as per the Regulatory Issuance:
“a. Secretary Certificate and/or Board/ Partnership Resolution and/or General Information Sheet for Cos of CPs supervised or regulated by the BSP, IC, SEC, Designated Non-Financial Businesses and Profession (DNFBPs), and other CPs.
b. Certificate of Associated Persons for Aps of Brokerage Companies.
c. DTI Certificate for Pawnshops/ Money Service Businesses (PS/ MSB) and DNFBPs registered as Single Proprietorship as well as a Document, notarized and signed by the owner of such MSB/ PS or DNFBP designating the PDO, if the PDO is not the owner of the MSB/ Pawnshop or DNFBP.
d. PRC Certificate of Registration/ License for Real Estate Brokers
e. Accreditation of the Service Provider of Offshore Gaming Operator (OGO-SP) from the Appropriate Government Agency (AGA).”
2. The Transaction Security Protocol Manual must then be downloaded. To know the download process, visit http://www.amlc.gov.ph/.
3. After the first two steps have been completed, proceed with online registration through https://portal.amlc.gov.ph/.
4. Note that the cut-off time for registration is at 1pm. If the application was submitted after 1pm, it shall be processed the following day;
5. Upon request, for those whose applications have been approved, a Certificate of Registration shall be sent via email issued by the Secretariat, with the facsimile signature of the AMLCS Executive Director or the Officer-in Charge. For new PS/ MSB/ DNFB pending completion, see the requirements found in the same Regulatory Issuance.
6. Note that pursuant to the mandatory updating every 2 years of the registration, failure to update shall lead to the deactivation of access to the portal.
7. For those MSBs, Pawnshops, and DNFBPs who have successfully been registered, a list shall be published, which is updated monthly, in the AMLC website.
The registration process shall then proceed as follows:
- Go to https://portal.amlc.gov.ph/ and click on the Register button;
- Key in the details in the Covered Person Registration page, and Authorized Personnel page;
- A Summary of Registration will be shown thereafter. Once all the details are deemed correct, click on save.
- A window will pop up after indicating that the Registration is a success. A Reference Number will also be shown. Make sure that you will take note of this to be able to follow up on the status update of your Registration.
- In order to verify the successful status of the Registration, click on the link sent to your registered email address.
- An email will be sent to the registered email on the status of the application whether approved or disapproved. If approved, it shall either be for Provisional Certificate of Registration (PCOR) or Certificate of Registration (COR).
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