Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions; Anti-Money Laundering Council Regulatory Issuance (B) No. 1, Series of 2018 (Philippines)

The 2018 Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Guidelines provide for the basic principles and policies applicable to covered institutions to combat money laundering and terrorist financing, by requiring that the Money Laundering and Terrorist Financing Prevention Programs (MLPP) should be consistent with the Anti-Money Laundering Act, as amended, the Revised Implementing Rules and Regulations, and the provisions set forth in the 2018 AML/CFT Guidelines. The covered institutions' MLPP shall be submitted to the Securities and Exchange Commission, and shall be updated at least once every two years. Covered institutions are required to verify the identities of its individual and corporate clients consistent with the "Know-Your-Customer" principal. The 2018 AML/CFT Guidelines provide that covered institutions should pay special attention to any money laundering threats that may arise from new or developing technologies.