Entities without AML plans face fines Lawrence agcaoili

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Philippine Star

The Philippine Star December 13, 2021 | 12:00am MANILA, Philippines — Covered entities that fail to submit anti-money laundering (AML) plans on time face hefty fines from the country’s sole financial intelligence unit, according to the Anti-Money Laundering Council (AMLC). The body, through Resolution 241, issued last Nov. 16, approved the assessment for late submission of action plans or updates on actions taken on AMLC directives. The AMLC, through Republic Act 9160 or the Anti-Money Laundering Act of 2001, as amended, is mandated to implement measures necessary and justified to counteract m…

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