Financial institutions have again been reminded by the Bangko Sentral ng Pilipinas (BSP) to observe anti-money laundering laws.
In an August 7 circular, central bank Deputy Governor Chuchi Fonacier noted that the Anti-Money Laundering Council (AMLC) had earlier in the year approved administrative sanctions under the 2001 Anti-Money Laundering Act.
“The administrative sanctions are set to encourage adherence to the provisions of the Anti-Money Laundering Act, as amended, its Revised Implementing Rules and Regulations and all AMLC issuances,” Fonacier said.
The rules, approved last May 24, set fines ranging from P5,000 to as much as P500,000 depending on the gravity of the offense.
“In no case shall the aggregate fine exceed the five percent of the asset size of the respondent,” it also states.
The AMLA was amended last month to cover casinos, including internet and ship-based operations.
The change was an offshoot of last year’s hacking of the Bangladesh central bank where $81 million was funnelled through a branch of Rizal Commercial Banking Corporation and then spent in local casinos.
The BSP has said that the amended law would close the gaps in regulatory framework.