ANTI-MONEY LAUNDERING ASSESSMENT UP
The Bangko Sentral ng Pilipinas (BSP) will conduct the 3rd anti-money laundering/combating the financing of terrorism (AML/CFT) sectoral risk assessment (SRA) to identify and assess the current money laundering/terrorism financing/proliferation financing (ML/TF/PF) "risk and context information" in the industry.
The SRA will facilitate the identification of ML/TF/PF threats and vulnerabilities in the sector and the assessment of their impact on the BSFlsl, banking industry, and financial system.
lt will cover priority areas such as cash, cross-sector and cross-border transactions, and other key emerging risks as part of the recommended actions in the 2019 Philippines' Mutual Evaluation Report. The results of the SRA will inform the BSP's risk-based AML/CFT supervisory activities and the respective ML/TF/PF institutional risk assessment of BSFls.
The 3rd AML/CFT SRA will cover accounts and transactions for the period 0L January 20L7 to 31 December 2019. This exercise will involve the use of both quantitative and qualitative data/information from existing reports as well as the responses to the AML/CFT Template (ACT) and Questionnaire, among others.
In this regard, selected BSFIs shall be required to accomplish the ACT and submit the same to the BSP's Financial System Integrity Department (FSID) via email@example.com, on or before 15 September 2020.