A Complete Guide to AML and KYC Compliance in the Philippines in 2026

The Philippines has undergone a significant shift in its anti-money laundering (AML) and Know Your Customer (KYC) landscape over the past several years, moving from heightened international scrutiny to a more stable regulatory footing.

In February 2025, the Financial Action Task Force (FATF) removed the country from its grey list after it successfully completed all 18 required reforms under its FATF increased monitoring action plan to strengthen financial oversight and enforcement. This follows years of regulatory tightening led by the Anti-Money Laundering Council (AMLC), including expanded supervision of casinos, stricter reporting requirements, and improved coordination with law enforcement.

While the Philippines is no longer subject to FATF’s increased monitoring (grey list) process, it nonetheless remains a complex compliance environment. The country’s financial system is evolving rapidly, with digital payments continuing to dominate. In 2025, e-payment volume tripled in the Philippines, reaching nearly ₱25 trillion (approx. USD 409 billion).

At the same time, longstanding risk factors such as high remittance flows, a large informal economy, and exposure to cross-border financial crime continue. While businesses operating in or entering the Philippine market now face improving regulatory clarity, it is important to remain vigilant as financial crime risks evolve and grow increasingly sophisticated.

Is the Philippines a high-risk country for money laundering?

Following the Philippines’ removal from the FATF grey list in February 2025, the country is no longer classified by FATF as a jurisdiction under increased monitoring for money laundering and terrorist financing. This decision came after the country addressed key deficiencies identified by the FATF in its AML framework, including strengthening oversight of high-risk sectors.

The Philippines still presents elevated financial crime risks due to longstanding structural factors, such as high volumes of cross-border remittances, a significant informal economy, and historically weak oversight in sectors like gaming, which create exposure to money laundering. 

Rapid digitalization and the increasingly sophisticated technology at the disposal of criminal networks have introduced new vulnerabilities. The widespread adoption of e-wallets and real-time payments has expanded access to financial services but also increased the attack surface for financial crimes such as money laundering.

The three stages of money laundering

Money laundering (ML) involves disguising the source of funds derived from criminal activities, such as fraud or drug trafficking, with the aim of integrating illicit funds into the financial system as "clean" money. This allows criminals to utilize the funds without drawing unwanted attention from authorities, making anti-money laundering a key focus in the Philippines.

Money laundering is commonly described as involving three stages: placement, layering, and integration, though in practice, not every case follows all three in a neat sequence. UNODC also describes money laundering as typically following these three stages, but notes that the stages may be combined or repeated:

• Placement is the first stage, where the illegally obtained "dirty" money is introduced into a legitimate financial system, for example, through cash deposits, cash‑intensive businesses, or loading value into accounts or wallets.
• Layering is the second stage, where a sophisticated series of financial transactions and movements is used to make it difficult to trace the funds back to their criminal origin. This may include transferring it across accounts, converting it into different financial instruments, or moving it across borders.
• Integration (also known as extraction) is the third stage, in which dirty money is reintroduced into the financial system in a way that makes it appear legitimate, allowing criminals to use it as they like.

One common technique employed during the placement stage is to break down large sums of cash into smaller, less conspicuous amounts. These smaller sums can then be deposited into either a single bank account or distributed across multiple bank accounts, a technique known as “smurfing.”

According to the United Nations, between 2% and 5% of global GDP is laundered every year (approx. USD 800 billion - USD 2 trillion). 

Suggested read: The Three Stages of Money Laundering: How Placement, Layering, and Integration Work in 2026

The biggest money laundering case in the Philippines

In 2016, the Philippine government probed the largest documented case of money laundering linked to the international Bangladesh Bank cyber-heist in the country’s history. 

On February 4, 2016, hackers broke into the Bangladesh Central Bank and generated 70 fake payment orders to the Federal Reserve Bank of New York, totaling USD 1.94 billion.

Although the New York bank’s security system flagged the payment orders, five of them succeeded, resulting in the release of $101 million. Of this sum, USD 81 million was transferred to Rizal Commercial Banking Corp. (RCBC) in Manila in a major money-laundering case, while USD 20 million was sent to Sri Lanka.

Sri Lanka promptly returned the entire amount upon exposure of the heist. However, in the Philippines, the USD 81 million was subsequently withdrawn, converted to pesos, and wagered in local casinos before authorities could trace it.

Eventually, RCBC was imposed a record fine of ₱1 billion (USD19.15 million). This scandal also prompted revisions to Philippine money-laundering laws, which until 2017 excluded casinos from oversight. 

In July 2017, President Rodrigo Duterte signed Republic Act No. 10927, extending the coverage of the country’s key anti-money laundering regulation (AMLA) to include casinos—both internet-based and "ship-based" ones. Cash transactions in casinos exceeding PHP 5,000,000 ($89,406) or any equivalent are now classified as covered transactions under the law, necessitating mandatory reporting to the Anti-Money Laundering Council (AMLC).

More recent money laundering cases in the Philippines include charges filed against former mayor Alice Guo and 35 others in connection with alleged links to illegal offshore gaming operations, with prosecutors filing 87 money laundering counts tied to illicit financial flows through POGO networks.

In another case, the Anti-Money Laundering Council flagged more than 600 bank transactions worth approximately ₱6.7 billion (USD118 million) linked to Sara Duterte and her husband, Mans Carpio, between 2006 and 2025. The transactions included 630 covered transaction reports and 33 suspicious transaction reports submitted by banks due to unusually large cash movements and potentially suspicious financial patterns.

At the same time, major international enforcement actions highlight the global nature of these crimes. In 2025, INTERPOL coordinated a multi-country operation that recovered around USD 439 million in criminal proceeds linked to cyber-enabled fraud and money laundering networks spanning dozens of jurisdictions, including cooperation involving Philippine authorities.

Suggested read: KYB and KYC in 2026: Complementary Pillars of Trust in a Complex Financial System

Key AML regulations and laws

The Philippines’ AML framework is built around:

• ​​Anti-Money Laundering Act of 2001 (AMLA)
• The Republic Act No. 9194
• Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA)

Anti-money laundering laws in the Philippines have been expanded significantly over time to address evolving financial crime risks and align with international standards set by the Financial Action Task Force.

Today, the AMLA forms the legal foundation for customer due diligence, transaction monitoring, and reporting obligations across banks, fintechs, casinos, and other regulated entities, placing primary responsibility for implementation and financial intelligence with the Anti-Money Laundering Council.

The Anti-Money Laundering Act explained

The Anti-Money Laundering Act of 2001 (Republic Act No. 9160) is the Philippines’ primary AML law. It criminalizes money laundering activities and establishes the Anti-Money Laundering Council (AMLC) as the country's financial intelligence unit.

According to the law in the Philippines, under AMLA, financial institutions are required to: 

• Implement Customer Due Diligence (CDD) and Know Your Customer (KYC, or eKYC in the Philippines)
• Report covered and suspicious transactions to the AMLC within the prescribed timelines
• Train staff on AML regulations and suspicious transactions
• Keep records for at least the minimum periods set in AMLA/IRR
• Cooperate with authorities in investigations
• Establishing risk-based transaction monitoring and internal controls
• Conduct regular audits
• Classifying customers by risk and applying ongoing monitoring commensurate with that risk.

AMLA timeline and key amendments

Since its introduction, amendments to the AMLA in the Philippines have steadily expanded the law's scope and effectiveness. Below is a brief summary of the Anti-Money Laundering Act, highlighting several key milestones in its evolution in the Philippines:

2001: Enactment of Republic Act No. 9160. The Anti-Money Laundering Act of 2001 (AMLA) was enacted to protect and preserve the integrity of the Philippine financial system by criminalizing money laundering and establishing the Anti-Money Laundering Council (AMLC) as the primary implementing agency.

2003: Republic Act No. 9194. This amendment expanded the definition of "covered institutions" to include non-bank financial institutions and mandated stricter customer identification and record-keeping requirements.

2012: Republic Act No. 10167. This amendment further strengthened the AMLA by enhancing the AMLC's investigative powers, particularly through ex parte applications for bank inquiries and the freezing of assets related to suspicious transactions.

2013: Republic Act No. 10365. This amendment expanded the list of covered persons to include real estate agents, precious metals and stones dealers, and other designated non-financial businesses and professions. It also improved the framework for international cooperation in combating money laundering.

2017: Republic Act No. 10927. Recognizing the vulnerabilities in the casino sector, this amendment designated casinos, including internet and ship-based casinos, as covered persons under the AMLA, subjecting them to reporting and compliance obligations.

2018: Implementing Rules and Regulations (IRR). The AMLC issued the 2018 IRR to provide detailed guidelines for the effective implementation of the AMLA and its amendments, ensuring that covered persons understand and comply with their legal obligations.

2021: Amendments to the 2018 IRR. In January 2021, the AMLC approved further amendments to the 2018 IRR to align with international standards and address emerging money-laundering and terrorist-financing risks.

These reforms played a crucial role in strengthening the country’s AML regime and supporting its removal from the FATF grey list in 2025.

Who is covered under the AMLA?

The following entities are generally within the scope of "covered persons” under the AMLA and are required to register with the AMLC’s (the Anti-Money Laundering Council) reporting system:

• Banks
• Offshore banking units
• Quasi-banks
• Trust entities
• Non-stock savings and loan associations
• Pawnshops
• Foreign exchange dealers
• Money changers
• Money remittance and transfer companies
• Electronic money issuers
• All other persons and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas
• Digital banks
• Payment service providers
• E-wallet providers
• Fintech platforms handling payments or transfers
• Virtual asset service providers (e.g., crypto exchanges and custodial wallet providers)
• Casinos and gaming operators regulated by the Philippine Amusement and Gaming Corporation
• Real estate developers
• Real estate brokers
• Insurance companies
• Insurance brokers and agents
• Lawyers (when handling covered financial transactions)
• Accountants (when handling covered financial transactions)
• Trust and company service providers
• Dealers in precious metals and precious stones
• Jewelry dealers

Check the full list on the AMLC website.

The registration guidelines are also available here.

Covered vs suspicious transactions

Under the AMLA, institutions must report both covered transactions and suspicious transactions in the Philippines to the AMLC.

Covered transactions refer to large transactions in cash or other equivalent monetary instruments exceeding the AMLA Philippines limit of ₱500,000 within one banking day (or ₱5,000,000 for casinos). Covered transactions require financial institutions to submit reports to relevant authorities to monitor and detect potentially suspicious or illicit activities.

A covered transaction differs from a suspicious transaction. A suspicious transaction (STR) may arise whether or not the amount meets the covered‑transaction threshold: it is any transaction, attempted or completed, that gives rise to suspicion based on the customer’s profile, lack of clear economic purpose, or other red flags. Covered persons must file STRs independently of CTRs when suspicion exists. 

Under the AMLA and its IRR, covered transactions include, among others: 

• Transactions in cash or other equivalent monetary instruments in excess of ₱500,000 (approx. USD 8,940) within one banking day 
• Casino transactions in excess of ₱5,000,000 (approx. USD 89,400) in a single transaction
• A transaction exceeding One Million ₱ 1,000,000.00 (approx. USD 17,800) in cases of jewelry dealers, dealers in precious metals, and dealers in precious stones. 

Each case requires specific reporting and compliance measures to mitigate the risks associated with money laundering in the Philippines.

Check the AMLC website for further details.

Suggested read: AFASA: How the Philippines Tackled Its Scammer Crisis

Key regulators in the Philippines

The following organizations are responsible for regulating the financial system and preventing crime in the Philippines:

• The Anti-Money Laundering Council (AMLC): the Philippines’ Financial Intelligence Unit (FIU). The Council is composed of the Governor of the Bangko Sentral ng Pilipinas (BSP) as Chairperson, along with the Commissioner of the Insurance Commission (IC) and the Chairperson of the Securities and Exchange Commission (SEC) as members. The AMLC is responsible for receiving and analyzing covered and suspicious transaction reports, initiating and conducting investigations into potential money‑laundering and terrorism‑financing offenses, and filing appropriate actions or complaints before the courts and competent authorities.
• The Bangko Sentral ng Pilipinas (BSP): the central bank of the Philippines. It supervises financial institutions to ensure AML compliance with BSP regulations. This includes banks, quasi‑banks, trust entities, e‑money issuers, and other BSP‑supervised entities. The BSP issues guidelines and circulars to strengthen the financial system's defenses against money laundering and terrorist financing.
• Securities and Exchange Commission (SEC): The SEC oversees the corporate sector, capital market participants, and securities and investment instruments, and acts as a sectoral regulator for covered persons under its supervision. AMLA ensures that entities under its jurisdiction implement adequate measures to prevent money laundering. This includes enforcing compliance among brokers, dealers, investment houses, and other covered institutions.

*AMLC investigates and may initiate civil or administrative actions, but criminal prosecution is handled by the DOJ or the Ombudsman.

AML and KYC compliance requirements

Meeting AML compliance standards in the Philippines requires financial institutions and regulated businesses to implement robust identity verification, monitoring, and reporting systems. A key part of these obligations is the Philippines’ KYC requirements, designed to ensure that firms understand who their customers are, assess risk effectively, and detect suspicious activity early.

A strong compliance framework combines customer due diligence processes with ongoing monitoring and a risk-based approach, which are particularly important in a fast-growing digital financial ecosystem like the Philippines.

Customer due diligence

Customer due diligence is a cornerstone of anti-money laundering compliance and broader KYC compliance in the Philippines. Covered entities must conduct CDD to identify and verify the identity of their clients at onboarding and on an ongoing basis . The key steps include:

• Identification: Collecting valid identification documents from customers, such as government-issued IDs.
• Verification: Confirming the authenticity of the provided information and documents.
• Ongoing Monitoring: Regularly reviewing and updating customer information, especially for high-risk clients or large transactions.
• Enhanced Due Diligence (EDD): Applying more rigorous checks for high-risk clients, such as politically exposed persons (PEPs).

Risk-based approach to AML

A risk-based AML approach is central to AML compliance in the Philippines, allowing institutions to allocate resources efficiently while targeting the highest risks of money laundering and terrorist financing. Steps include:

• Risk assessment: Evaluating clients’ profiles, nature of transactions, industry, corporation, or professional profile, as well as geographic locations for potential risks.
• Classification: Assigning risk levels (low, medium, or high) to customers based on the assessment.
• Mitigation measures: Tailoring monitoring and reporting efforts to the identified risk levels, with greater scrutiny applied to high-risk activities.

KYC requirements under Philippine law

The Philippines’ KYC policies help ensure that institutions only engage with legitimate clients. In the Philippines, KYC requirements include:

• Basic KYC: Collecting and validating personal or corporate data aligned with the KYC process mandatory in the Philippines, which includes full name and country of residence for all customers before establishing a relationship.
• Ongoing monitoring: Updating records periodically, tracking transactions for unusual activity, checking submitted KYC documents, and ensuring receipt of alerts for document update requests.
• Record-keeping: Maintaining records of customer transactions and identification documents for at least five years, as the AMLA law mandates.

Reporting obligations to the AMLC

As per the Republic Act No. 9160, AMLC Philippines reporting obligations form a core part of AMLA’s requirements, obliging covered entities to submit reports for:

• Covered Transactions (CTRs): transactions in cash or other equivalent monetary instruments involving a total amount in excess of ₱500,000 within one banking day (and, for casinos and certain DNFBPs, other specified thresholds such as ₱5,000,000 for casinos and ₱1,000,000 for dealers in jewelry, precious metals, or stones).
• Suspicious Transactions (STRs): any transaction, regardless of amount, that has no clear underlying legal or economic purpose, appears inconsistent with the customer’s profile or business, or otherwise gives rise to suspicion of money laundering or terrorism financing.

The Philippines in global AML efforts

Once subject to increased monitoring under the FATF grey list, the Philippines has since strengthened its regulatory framework and enforcement capabilities to align with international standards.

In February 2025, the Philippines was removed from the FATF grey list in recognition of major improvements in its ability to combat financial crime. This shift has helped reduce compliance friction for cross-border transactions and reinforced the country’s position in the global financial system.

FATF Grey List status and what it means

The Philippines’ FATF grey list designation was applied in 2021 and indicated that the country had strategic deficiencies in its AML regime, but was actively working to address them. During this period, financial institutions operating in or dealing with the Philippines often applied enhanced due diligence measures due to the increased risk perception.

The Philippines was removed from the FATF grey list in February 2025 after completing an 18-point action plan agreed with the Financial Action Task Force. This included improvements in supervision, stronger enforcement actions, and better use of financial intelligence.

This removal means the country is no longer under increased monitoring. However, it does not eliminate risk, and firms are still expected to apply a risk-based approach and maintain strong AML controls, particularly in higher-risk sectors.

Ongoing reforms to meet global standards

The FATF demonstrates that anti-money laundering efforts remain crucial in the Philippines, saying: 

“The Philippines should continue to work with the Asia/Pacific Group on Money Laundering, of which it is a member, to sustain its improvements in its AML/CFT system. The FATF encourages the Philippines to continue its work in ensuring that its CFT measures are appropriately applied, particularly the identification and prosecution of TF cases, and are neither discouraging nor disrupting legitimate NPO activity.”

Key priorities for AML compliance in the Philippines include:

• Enhancing monitoring of high-risk sectors such as online gaming and remittance services
• Improving coordination between regulators and law enforcement

AML penalties in the Philippines

According to Section 21 of AMLA, the crime of money laundering is punishable in the Philippines by “imprisonment ranging from seven (7) to fourteen (14) years and a fine of not less than PHP 3,000,000.00 (or $53,600) but not more than twice the value of the monetary instrument or property involved in the offense.”

A notable example is the 2016 Bangladesh Bank heist, in which USD 81 million was illicitly transferred to accounts in the Philippines. The Bangko Sentral ng Pilipinas (BSP) imposed a record fine of ₱1 billion pesos (₱1,000,000,000.00) on the Rizal Commercial Banking Corporation (RCBC) for its non-compliance with banking laws related to this incident.

The penalty for failure to keep records may be imprisonment from six (6) months to one (1) year or a fine of not less than ₱100,000.00 (or USD 1,800), but not more than ₱500,000.00 (USD 9,000), or both.

The high-profile Alice Guo case mentioned above exemplifies the Philippines' efforts to crack down on such offenses. In 2024, Guo, a former town mayor, was charged with laundering over ₱100 million (USD 1.8 million) linked to fraudulent activities, human trafficking, and securities violations. Philippine authorities are pursuing the forfeiture of PHP 6 billion in assets tied to her crimes. Her arrest and extradition highlight the government's robust efforts to enforce anti-money laundering laws and prosecute offenders.

The penalty for malicious reporting, or false information in a report related to money laundering, may be six (6) months to four (4) years imprisonment, and a fine of not less than ₱100,000.00 (USD 1,800), but not more than ₱500,000.00 (USD 9,000).

These penalties reflect the strict framework of money laundering law enforced in the Philippines under AMLA.

Compliance challenges for businesses

Despite regulatory progress, AML compliance in the Philippines remains complex for businesses operating in the country. The rapid pace of financial innovation, combined with longstanding structural risks, creates a challenging environment in which firms must balance regulatory expectations against fast-evolving threats.

A significant challenge is a common belief among Philippine banks and fintechs that once users pass the onboarding stage, fraud won’t happen. However, Sumsub’s internal statistics reveal that 70% of fraud occurs after the onboarding stage. 

Ongoing monitoring is therefore crucial for AML compliance across all regulated businesses in the Philippines, including financial institutions and gambling platforms, which attract the most regulatory scrutiny. Consequently, many regulated businesses will need to adapt and adopt an all-in-one platform for KYC and continuous monitoring.

High-profile recent AML news in the Philippines, like AMLC’s revelation that bank accounts tied to Vice President Sara Duterte and her husband Manases Carpio were flagged for suspicious and covered transactions from 2006 to 2025 worth a total of ₱6.77 billion (approx. USD110 million), highlights that money laundering not only remains a risk in the country, but that regulators are vigilant. 

While the country is no longer on the FATF grey list, risks persist, particularly in e-wallet ecosystems, high-velocity transaction environments, and cross-border payments such as remittances.

Remittance-related AML risks

The Philippines has become one of the world’s largest remittances markets, with remittances from overseas Filipino workers accounting for 8.9% of the Philippines’ GDP. This makes remittances a key vulnerability for money laundering, with a high-volume, cross-border financial flow that can be difficult to monitor at scale.

These transaction patterns are at risk for financial crime schemes targeting the Philippines, particularly through the use of mule accounts, structuring, and rapid fund transfers designed to evade detection. The challenge is compounded by the speed and accessibility of modern payment systems, including digital wallets and mobile transfers.

The AMLC has identified remittance and money service businesses as higher-risk channels requiring enhanced oversight due to their exposure to cross-border and cash-based transactions.

Suggested read: KYC Verification: Full Guide to Know Your Customer Compliance 

eKYC and technology in Philippine compliance

As financial services in the country digitize, KYC processes in the Philippines are having to similarly adapt.

Regulators, including the Bangko Sentral ng Pilipinas, have actively supported the adoption of digital identity verification in KYC processes. BSP Circular 1170 (2023), for example, permits electronic identity verification, including biometrics, and recognizes the use of e-KYC through the national digital ID system for financial institutions, enabling secure remote onboarding.

Institutions must maintain strong controls around data integrity, fraud prevention, and auditability. 

This means that businesses need to ensure their AML compliance frameworks in the Philippines are capable of verifying identities remotely while detecting increasingly sophisticated threats.

Modern eKYC systems typically combine:

• Document verification, using automated checks to validate government-issued IDs
• Biometric authentication, such as facial recognition and liveness detection
• Database screening, including sanctions, watchlists, and PEP checks
• Behavioral and device analysis, helping detect anomalies and potential fraud

This layered approach is becoming increasingly essential as fraud tactics grow more sophisticated. Fraud-as-a-service tools, as well as AI-driven threats like deepfake technology, synthetic identities, and agentic AI, are being used to bypass weak onboarding systems and pose a considerable threat to businesses, who must navigate these dangers as well as compliance risks in a landscape with increasingly strict regulatory oversight.

Practical compliance steps for businesses

Effective AML compliance in the Philippines requires more than ticking regulatory boxes. It demands a structured, risk-based program aligned with AMLA requirements and capable of responding to evolving threats. Firms should focus on controls tailored to their risk profile, with clear evidence of accountability to the AMLC in the Philippines. This includes:

1) Regularly running AML risk assessments
Regularly map exposure by product, customer type, geography, and channel (e.g., e-wallets, remittances).

2) Implementing robust KYC controls
Verify identities using reliable sources, apply enhanced due diligence for higher-risk customers like PEPs, and ensure beneficial ownership for legal entities is recorded.

3) Utilizing transaction monitoring
Use rules and risk scoring to flag unusual patterns like structuring or signs of money mule activity. 

4) Meeting reporting obligations to the AMLC
File suspicious transaction reports (STRs) and covered transaction reports (CTRs) when required. Maintain clear documentation to support filings.

5) Keeping records and audit trails
Retain KYC data, transaction histories, and decision logs for the periods required under AMLA. Ensure records are accessible for regulatory review.

6) Training staff and assigning accountability
Appoint a compliance officer, deliver role-based AML training, and test understanding regularly.

7) Engaging proactively with regulators
Stay up to date with guidance. Where appropriate, seek clarification for operations in the Philippines from the AMLC to ensure alignment with evolving AMLA requirements.

8) Using advanced solutions to simplify compliance
Adopt automated KYC, monitoring, and case management to handle high volumes while improving consistency and detection capability.

*This checklist is not exhaustive. AML requirements vary by risk profile and may change over time, so businesses should monitor AMLC guidance and update their controls accordingly.

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FAQ: AML and KYC in the Philippines

• What is the AMLA in the Philippines?

  The Anti-Money Laundering Act (AMLA) is the primary law in the Philippines governing how financial institutions detect, prevent, and report illicit financial activity. Enacted as Republic Act No. 9160 in 2001, it establishes KYC, monitoring, and reporting obligations to combat financial crime and protect the Philippines from money laundering.

• Is the Philippines a high-risk country for money laundering?

  The Philippines is no longer listed by FATF as a jurisdiction “under increased monitoring” (grey list) after its removal in 2025. However, there are still risks of financial crime in the Philippines, especially as criminal networks become more sophisticated, meaning businesses must still take the threat of money laundering seriously.

• What are covered transactions under the AMLA?

  In the Philippines, covered transactions are specific high-value transactions in cash or equivalent monetary instruments that meet certain thresholds or pose a high risk of money laundering or financial crimes. These include, among others, transactions in excess of ₱500,000 within one banking day (for most covered persons) and casino transactions in excess of ₱5,000,000 (or its equivalent in foreign currency) in a single transaction. Exceeding these thresholds requires mandatory reporting to the AMLC, even if the transaction otherwise appears non-suspicious.

• What is the penalty for money laundering in the Philippines?

  Penalties for money laundering in the Philippines under AMLA include imprisonment of 7 to 14 years and a fine of at least ₱3 million (approx. USD 49,000), but not more than twice the value of the monetary instrument involved in the offense. Additional anti-money laundering sanctions in the Philippines may include asset forfeiture.

• What does the AMLC do in the Philippines?

  The Anti–Money Laundering Council (AMLC) serves as the Philippines’ financial intelligence unit and AML/CTF regulator, responsible for receiving reports, investigating suspicious activity, and enforcing AML laws. The AMLC was established to implement the provisions of the Anti–Money Laundering Act of 2001 (AMLA).