01 Mar 2021
The Anti-Money Laundering Council (AMLC) has relaxed the registration guidelines for Philippine offshore gaming operators (POGOs) as well as real estate developers and brokers.
The guidelines were eased as real estate developers and brokers as well as POGOs only have until March 16 to register with the AMLC. These entities are now covered persons under the amended Anti-Money Laundering Act of 2001 that took effect on Jan. 30.
For ease of registration, AMLC said the real estate developers and POGOs are required to submit articles of incorporation or partnership as well as secretary’s certificate or board or partnership resolution designating the compliance officer.
On the other hand, real estate brokers need to submit certificate of registration or license from the Professional Regulation Commission (PRC).
The AMLC will issue provisional certificate or registration once the aforementioned requirements are completed. Documents are required to be uploaded in the online registration system.
According to the AMLC, real estate brokers, developers and POGOs are required to report covered and suspicious transactions within the period prescribed and for the threshold amount fixed by the law.
Under the law, existing covered persons who are not yet registered would not be cited for non-registration but need to apply for registration within 30 working days from effectivity of the guidelines.
Non-registration is an administrative offense penalized under the rules of procedure on administrative cases.
By Lawrence Agcaoili, The Philippine Star, 28 February 2021
Read more at The Philippine Star
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