The Philippines’ Anti-Money Laundering Council (AMLC) has adopted rules that impose tougher sanctions as well as higher fines to individuals as well as banks constitute to bring engaged inwards money laundering activities. Under the novel rules as well as regulations, the council tin impose administrative sanctions against violators of the Act.
According to the Philippines Central Bank Deputy Governor Chuchi Fonacier, the sanctions aim to encourage compliance alongside the law:
“The administrative sanctions are laid to encourage adherence to the provisions of the [anti-money laundering laws.]"
Details of the amended rules
Under the novel rules, the administrative sanctions could include penalization as well as non-penalty measures similar fines, reprimands, warnings, as well as other appropriate actions to foreclose as well as counteract money laundering activities.
The fines to move imposed against violators volition move determined past times the AMLC. The amount, however, should non move on P500,000 per violation.
The novel rules permit penalties to move assessed inwards accordance alongside the wealth of the accused. The rules practice a “micro” classification for those alongside assets valued at P3 mln as well as below, “small” for those alongside assets worth P3-15 mln, as well as “medium” for those alongside assets valued at P15-100 mln. The other classifications are “large A” for those alongside assets valued at P100-500 mln as well as “large B” for those alongside assets worth P500 mln as well as up.
Fines imposed past times the BSP
The country’s cardinal bank, the BSP, has already penalized several fiscal institutions due to anti-money laundering violations. In 2016, the cardinal banking firm meted out a tape fine against Rizal Commercial Banking Corp. (RCBC) of P1 bln because it allowed itself to move used equally a conduit inwards the laundering of $81 mln that was stolen past times cybercriminals from People's Republic of Bangladesh Bank.
