April 29, 2016
AMLC RESOLUTION NO. 34-16
In the Memorandum dated 27 April 2016, the AMLC Secretariat (AMLCS) reported to the Council that:
BSP Memorandum No. M-2016-004
Bangko Sentral ng Pilipinas (BSP) Memorandum No. M-2016-004 dated 05 April 2016 reminds all banks to implement sound risk management practices when dealing with foreign exchange dealers, money changers and remittance agents (hereafter referred to as "Money Service Businesses"). Paragraph 4.d of the said Memorandum, in particular, requires the submission of proof of registration with the AMLC to comply with the reporting requirements.
AMLC Registration
The AMLC Registration process as stated on the AMLC website currently involves the following:
1. Submission of the AMLC Registration Form by the covered person to the AMLC for build-up in the AMLC Database;
2. Securing the AMLC username and password;
3. Transaction Security Protocol processes which include the following:
a) Generation of key pairs;
b) Exchange of keys;
c) Importing and signing of AMLC key;
d) Submission of notarized Transaction Security Agreement (TSA) Form; and
4. Uploading of test files in the AMLC portal.
Currently, the AMLC considers a covered person registered immediately after the execution of...
