This AMLA awareness program is to cater to the mandatory training and compliance of all covered persons and institutions. It is to update everyone on the recent developments including the revised IRR of 2021 effective January 31 and the newly released 2021 Anti-Money Laundering/ Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions effective May 26, 2021.

All insurance, pre-need, reinsurance companies, mutual benefit associations, trusts for charitable uses, HMOs and other covered persons (agents, brokers, etc.) and institutions regulated by Insurance Commission are required to implement detailed policies, procedures and training that will prevent money laundering and terrorism financing. AMLC also recently included all Real Estate Brokers and Developers as well as Offshore Gaming Operators and their service providers that are supervised, accredited or regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) or any Appropriate Government Agencies (AGA).

The lecture is to provide participants and their organizations the guidance to good governance practices that one will find useful to mitigate business exposures to reputational, legal and regulatory risks. Non-compliance can be very costly including jailtime, penalty of up to P1 million per violation and asset forfeiture.