ARTICLE · 23 APRIL 2021

Amendments To The Anti-Money Laundering Act

SyCip Salazar Hernandez & Gatmaitan

Contributor

SyCip Salazar Hernandez & Gatmaitan

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is one of the largest law firms in the Philippines...

The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,1 which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette).

PhilippinesGovernment, Public Sector

SyCip Salazar Hernandez & Gatmaitan

The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,¹ which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette). (The new provisions introduced by R.A. 11521 to the AMLA are underlined below for ease of reference.)

A. Spotlight on New Provisions

B. Covered Persons and Covered Transactions

C. Targeted Financial Sanctions

D. Other Relevant Provisions

A. Spotlight on New Provisions

R.A. 11521 adds two new covered persons who are now required to report covered and suspicious transactions to the Anti-Money Laundering Council (AMLC) – (1) "real estate developers and brokers;" and (2) "offshore gaming operators, as well as their service providers, supervised, accredited or regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) or any government agency." (Please see part B below for more information.)

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Amendments To The Anti-Money Laundering Act

A. Spotlight on New Provisions

Related Articles

Tests Of Doing Business And Penalties For Unregistered Entities Considered As Doing Business In The Philippines

"Cutting The Red Tape" With New Systems

The Philippines Opens Its Doors: New Foreign Investment Opportunities

PSA Amendment Implementing Rules And Regulations

It's Fine: National Privacy Commission Sets Administrative Penalties

Read more about

See more popular content from

It's Fine: National Privacy Commission Sets Administrative Penalties

Tests Of Doing Business And Penalties For Unregistered Entities Considered As Doing Business In The Philippines

PSA Amendment Implementing Rules And Regulations

Philippine Laws And Jurisprudence On Electronic Signatures

The Philippines Opens Its Doors: New Foreign Investment Opportunities

Supreme Court Guidelines On The Conduct Of Videoconferencing

"Cutting The Red Tape" With New Systems

2022 Revised Implementing Rules For The Build-Operate-Transfer Law

Proposed Easing Of Foreign Investment Restrictions In The Philippines

Foreign Investment In The Philippines: Recent Developments

SEC Lifts Five-Year Moratorium On Online Lending Platforms And Issues New Regulatory Framework

BSP Issues Rules On Consumer Assistance And Mediation/Adjudication Of Cases

BSP Issues Implementing Rules Of Financial Consumer Protection Act

SEC Issues Regulations To Implement Financial Consumer Protection Act

Safe (e)money: BSP Updates E-money Regulations, Increases Prudential And Capitalization Requirements

BSP Circular No. 1238: Fairer Fees And Stronger Safeguards In Digital Payments

SEC Revises Recent Draft Circular On Online Lending Platforms; Issues A New Version

BSP Issues Implementing Regulations Of Financial Consumer Protection Act

SEC Issues Rules To Implement BSP Ceilings On Interest Rates And Other Fees

All Things Registration: National Privacy Commission Issues New Rules On Registration Of Data Processing Systems