Anti money laundering act philippines summary

Updated as of March 2024

2023 (First Edition)

Bagong Pilipinas

Free Donuts (PHISING)

The Anti-Money Laundering Council (AMLC) was created pursuant to Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001” (AMLA), to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity.

The AMLC is the Philippines’ Financial Intelligence Unit (FIU) tasked to implement the AMLA, as amended by Republic Act Nos. 9194, 10167, and 10365, as well Republic Act No. 10168, otherwise known as the “Terrorism Financing Prevention and Suppression Act of 2012”.

Vision

To be a world-class financial intelligence unit that will help establish and maintain an internationally compliant and effective anti-money laundering regime which will provide the Filipino people with a sound, dynamic, and strong financial system in an environment conducive to the promotion of social justice, political stability, and sustainable economic growth. Towards this goal, the AMLC shall, without fear or favor, investigate and cause the prosecution of money laundering offenses.

Mission

• To protect and preserve the integrity and confidentiality of bank accounts
• To ensure that the Philippines shall not be used as a money laundering site for proceeds of any unlawful activity
• To extend cooperation in transnational investigation and prosecution of persons involved in money laundering activities, wherever committed

Organization

The AMLC is composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, and the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. It acts unanimously in the discharge of its functions.

The AMLC is assisted by a Secretariat headed by an Executive Director.

GOV. ELI M. REMOLONA, JR.
Chairman

ATTY. REYNALDO A. REGALADO
Member

ATTY. EMILIO B. AQUINO
Member

The AMLC Seal

The new AMLC seal features a stylized young Philippine eagle rendered in blue, red, and yellow strokes. Characterized by strength and a keen vision, the Philippine eagle is known for its ability to fly high and soar toward its goal. The main elements encase the text inscriptions “AMLC” and “Anti-Money Laundering Council.” These elements have no enclosure, signifying openness, freedom, impartiality, and objectivity of the AMLC.

1. The Philippine eagle, the Philippines’ national bird, is the world’s largest eagle and is a symbol of strength, courage, and determination in the pursuit of the mandate; independence from outside forces/pressure; honesty in public service; guardianship against attempts to make the Philippines a money-laundering site; and the eagle eye for clarity of vision.
2. Three strokes represent the three pillars or virtues of the AMLC — independence, integrity, and cooperation.
3. The Council’s acronym, “AMLC,” is given prominence to make the agency more familiar to the public.

1. The blue stroke represents security, trust, reliability, and responsibility.
2. The red stroke symbolizes passion, action, strength, courage, and determination.
3. The yellow stroke symbolizes optimism, wisdom, and logic.
4. The black font color of the text “AMLC” denotes strength and authority.

Font or Typeface

BlairMdITC TT, medium, for “AMLC,” characterized by a streamlined, solid, and balanced line, suggesting AMLC’s way of performing its mandate