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Regulatory Update

23rd November 2017

Australia, Philippines to lead new regional counter-terror funding group

KYC360 News Australian regulator Austrac and the Philippines Anti-Money Laundering Council (AMLC) are to co-lead a new counter terrorism funding (CFT) regional group. The South East Asia Counter Terrorism Financing Working Group (SEA CTFWG) aims to focus on preventing terrorists from gaining access to banks and receiving funds… Read More

28th September 2017

Philippines’ Duterte welcomes probe into allegations he hid wealth

Philippine President Rodrigo Duterte welcomes an investigation by the state’s anti-corruption agency into allegations by a senator that he failed to disclose his wealth when he was a city mayor, his spokesman said on Wednesday. The Office of the Ombudsman confirmed on Tuesday it has initiated an inquiry into activities… Read More

18th September 2017

Philippine lawmaker urges more action on Bangladesh $81m heist

Senate President Aquilino “Koko” Pimentel III called on concerned government agencies to step up their efforts to run after those who had a hand in stealing $81 million from the Bangladesh bank account. Pimentel underscored the swift recovery of the stolen money in the $81-million cyberheist last year especially that… Read More

5th September 2017

Bangladesh central bank team to visit Manila regarding heist

Bangladesh’s central bank will send a team of officials to the Philippines on Tuesday to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila. Bangladesh Bank has been able to… Read More

24th August 2017

Philippine senators want transparency over poll chief’s bank deposits

A Senate committee on Wednesday requested Commission on Elections Chairman Andres Bautista to sign a waiver on secrecy of bank deposits. The Senate committee on Banks, Financial Institutions and Currencies, which is currently investigating the alleged ill-gotten wealth of Bautista and his possible violation of the anti-money laundering law, also… Read More

11th August 2017

Philippines removed from AML watch after casino inclusion

The Philippines has been removed from an international money laundering watch list after enacting a law that brings the nation’s casinos within the scope of the country’s Anti-Money Laundering Act, said the Anti-Money Laundering Council (AMLC) in a press release. According to the announcement, the decision to remove the Philippines… Read More

24th July 2017

Philippines: AMLC set to probe Metrobank fraud

Metropolitan Bank and Trust Co. may be subjected to a probe by the Anti-Money Laundering Council (AMLC) in the aftermath of a massive fraud incident involving anywhere between P900 million and P2.5 billion in illegally disbursed loans orchestrated by a rogue officer. An investigation by regulators tasked with guarding against… Read More

19th July 2017

Philippines: Duterte puts casinos under money laundering monitoring

President Rodrigo Duterte has signed into law Republic Act 10927, which places casino operations under the Anti-Money Laundering Act (AMLA) in a bid to curb illegal financial transactions. RA 10927 amends RA 9160 also known as Anti-Money Laundering Act of 2001. Read More

19th July 2017

Amended anti-money laundering law saves the Philippines from FATF blacklist

Senator Francis Escudero. The Philippines may be saved from being blacklisted by the Financial Action Task Force (FATF) after President Rodrigo Duterte signed a law that puts casinos under the scope of the Anti-Money Laundering Council (AMLC), Senator Chiz Escudero said on Wednesday. “I would like to thank the President for… Read More

29th June 2017

Philippines: DOJ starts preliminary probe on Mighty Corp tax evasion case

The Department of Justice (DOJ) started Thursday the preliminary investigation on the P1.39-billion tax evasion case against local cigarette maker Mighty Corporation. Respondents to the complaint filed by the Bureau of Internal Revenue (BIR) are Mighty Corporation owner Alexander Wongchuking who sits as vice president for external affairs and corporate secretary; president,… Read More

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