The Philippine AMLC Launches Review of Sanctions Screening Systems
The Philippine AMLC (Anti-Money Laundering Council) is planning to conduct a thematic review to assess the effectiveness of customer- and transaction-screening systems in the implementation of TFS (targeted financial sanctions).
The review is part of the Philippines' action plan to address deficiencies identified by the FATF (Financial Action Task Force). The country was added to the list of jurisdictions under increased monitoring (known as the 'grey list') last year.
In a notice, the AMLC said the Philippines “must improve its AML/CTF regime” and accomplish its action plan to be removed from the grey list. As part of these efforts, the AMLC has selected covered persons that will be tested in a thematic review to enhance the effectiveness of the TFS framework for terrorism financing and proliferation financing.
The review will seek to demonstrate that covered persons understand their TFS obligations and that supervisors undertake risk-based supervision of TFS measures of financial institutions and DNFBPs (designated non-financial business professions) such as real estate agents and precious metals dealers.
The AMLC has partnered with regtech and suptech solutions provider AML Analytics as its testing and validation partner – to help it assess sanctions screening systems in the industry, drive best practices, and uplift industry standards.
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