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Know Your Customers (KYC) Requirements By AMLA

Philippine authorities have been revolutionizing and have implemented more stringent policies in the Anti-Money Laundering Act (AMLA) as a strong response to last year’s stolen and laundered USD $81 Million from a Bangladesh Bank that involved a Philippine local bank. The Casino Implementing Rules and Regulations (CIRR) of RA No. 10927, “An Act Designating Casinos as Covered Persons under RA No. 9160”, otherwise known as AMLA of 2001, as amended is effective on November 4, 2017 to combat money laundering (ML) and terrorist financing (TF) in the Philippines.

Basic principles and policies are required as enumerated: (1)http://mlaguirre.org/administrator/index.php?option=com_content&view=article&layout=edit&id=43#editor Conform with high ethical standards and observe good corporate governance consistent with Appropriate Government Agency’s (AGA) guidelines, (2) Know sufficiently one’s customer, (3) Adopt and effectively implement an appropriate ML and TF risk management system, (4) Ensure awareness and proper execution of officers’ and employees’ responsibilities in accordance with its Money Laundering Prevention Program (MLPP) and (5) Cooperation with AMLC and AGA for effective implementation.

Click here to view RA No. 10927 for your reference.