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This training initiative is in line with the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) standards set by the Financial Action Task Force (FATF) and the objectives of Republic Act (R.A.) No. 9160 (Anti-Money Laundering Act of 2001), as amended, "to develop educational programs, including awareness campaign on the pernicious effects, the methods and techniques used, and the viable means of preventing money laundering [as well as terrorist financing] and the effective ways of prosecuting and punishing offenders."
This is also consistent with the obligations imposed upon professionals and businesses to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.
Mandatory requirement to register with the AMLC of Designated Non-Financial Businesses and Professsions (DNFBPs): Lawyers, CPAs, jewelry dealers (precious metals and stones), and company service providers.
Under the Designated Non-Financial Businesses and Professions (DNFBP) Guidelines (based on Republic Act No. 10365), all existing DNFBPs must register with the AMLC within six months from 29 June 2018. Newly established DNFBPs must be AMLC-registered before commencement of operations.
Registration with the AMLC follows the policy guidelines of the Financial Action Task Force (FATF), the international policy-making body that sets standards and promotes effective implementation of measures to combat money laundering and terrorism financing.
Banks have routinely required DNFBPs and casinos to register first with the AMLC before opening an account.
