What is the Anti-Money Laundering Act (AMLA)?

The Anti-Money Laundering Act (AMLA) was passed as Republic Act No. 9160 in 2001 to combat money laundering and financial crimes. It provides a legal framework for preventing, detecting, and prosecuting money laundering activities. Additionally, it protects the and preserves the integrity and stability of the Philippine financial system by making it difficult for criminals to conceal illegally gained funds as legitimate income. 

Why is It Important to Register with the Anti-Money Laundering Council (AMLC)?

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 or 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. 

What is a Covered Person? 

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:

• A transaction in cash or other equivalent monetary instrument exceeding PHP 500,000.00;
• 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; and
• A cash transaction with or involving real estate developers or brokers exceeding PHP 7,500,000.00 or its equivalent in any other currency.

What are the Transaction Reports?

Covered Transaction Report (CTR)

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 Report (STR)

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.   

What are the Requirements for AMLA Registration?

The following documents must be submitted to be able to process an AMLA registration:

• 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:
  • Secretary Certificate and/or Board/ Partnership Resolution and/or General Information Sheet for Cos of CPs supervised or regulated by the BSP, IC and SEC
  • Designated Non-Financial Businesses and Profession (DNFBPs), and other CPs.
  • Certificate of Associated Persons for Aps of Brokerage Companies
  • 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
  • PRC Certificate of Registration/ License for Real Estate Brokers
  • Accreditation of the Service Provider of Offshore Gaming Operator (OGO-SP) from the Appropriate Government Agency (AGA).
• The Transaction Security Protocol Manual must then be downloaded. 

How to Register Online with AMLC? 

Online registration with the AMLC is a must to be able to access the AMLC portal for submission of CTRs and STRs. The registration process shall then proceed as follows:

• Register Online. Go to https://portal.amlc.gov.ph/ and select the “Sign Up Now” to register.
• Fill Up the Form. Fill up the needed information and ensure that all the details are accurate and complete. 
• Summary of Registration. A Summary of Registration will be shown thereafter. Once all the details are deemed correct, click on save.
• Reference Number. 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.
• Verification of Registration. In order to verify the successful status of the Registration, click on the link sent to your registered email address.
• Status of Application. 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). 

Moreover, the cut-off time for registration is at 1:00 PM. If the application was submitted after the given cut-off time, the application will be processed the following day. The registration must also be updated every two (2) years, failure to update shall lead to the deactivation of access to the portal. For those MSBs, Pawnshops, and DNFBPs who have successfully been registered, a list shall be published, which is updated monthly, in the AMLC website. 

Need further information and assistance regarding AMLA Registration? Talk to our team at Duran & Duran-Schulze Law to know more about the requirements and process. Call us today at (+632) 8478 5826 or +63 917 194 0482, or send an email to info@duranschulze.com for more information.