Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions

May 10, 2018AMLC REGULATORY ISSUANCE (B) NO. 01-18SUBJECT : Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated   Non-Financial Businesses and Professions By the authority vested upon the Anti-Money Laundering Council (AMLC) to implement measures as may be necessary and justified to counteract money laundering, in accordance with Section 7 (7) of Republic Act No. 9160, also known as the Anti-Money Laundering Act of 2001, as amended, the Council, in its Resolution No. 59, dated 09 May 2018, approved the adoption of the Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions.Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and ProfessionsPREFACERepublic Act (RA) No. 10365, which amended RA No. 9160 or the Anti-Money Laundering Act of 2001 (AMLA), included certain types of Designated Non-Financial Businesses and Professions (DNFBPs), as covered persons. This document is formulated in accordance with the provisions of RA No. 9160, as amended, its 2016 Revised Implementing Rules and Regulations (RIRR) and the Financial Action Task Force (FATF) 40 Recommendations and is intended to ensure that covered persons understand and comply with the requirements...