Philippines AML Compliance: Navigate AMLC & BSP Rules | Anqa

Regulatory Framework

The Philippines' AML/CFT framework is primarily governed by the Anti-Money Laundering Act of 2001 (AMLA), as amended, and the Terrorism Financing Prevention and Suppression Act of 2012. The framework has been strengthened significantly in recent years.

Key regulatory authorities include:

  • Anti-Money Laundering Council (AMLC) - Financial intelligence unit

    Key Focus: Strengthening supervision of Designated Non-Financial Businesses and Professions (DNFBPs) and enhancing the use of financial intelligence in investigations.

  • Bangko Sentral ng Pilipinas (BSP) - Central bank

    Key Focus: Focus on supervising Virtual Asset Service Providers (VASPs) and ensuring robust controls for cross-border digital payments.

  • Securities and Exchange Commission (SEC) - Securities regulator

    Key Focus: Enhancing transparency of beneficial ownership information through its digital submission portal.

  • Insurance Commission (IC) - Insurance regulator

FATF Status (June 2025)

Status: Not Listed

As of the FATF plenary in June 2025, the Philippines is not on the list of "Jurisdictions under Increased Monitoring" (the grey list). This status reflects the country's significant progress in addressing previously identified strategic deficiencies and strengthening its national AML/CFT framework.

Compliance Requirements

Core Obligations

  • CDD/KYC: Enhanced due diligence required for high-risk customers, including PEPs and complex structures. Risk-based approach with specific requirements for different customer types.
  • Transaction Monitoring: Automated systems required for monitoring suspicious patterns. Threshold-based monitoring for specific transaction types.
  • Record Keeping: Maintain records for at least 5 years after cessation of relationship.
  • Reporting: Submit suspicious transaction reports (STRs) within 3 days of forming suspicion. Report all cash transactions above PHP 500,000 (CTRs).
  • Risk Assessment: Implement documented risk assessment approaches at customer, product, and institutional levels.

Common Compliance Hurdles

  • Regulatory Complexity: Multiple regulatory bodies with overlapping jurisdictions and evolving requirements.
  • Digital Innovation: Rapid growth of fintech and digital banking requiring adaptive compliance approaches.
  • Beneficial Ownership: Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners.
  • Cross-Border Transactions: High volume of international transactions requiring sophisticated screening.
  • Regulatory Expectations: High standards for compliance programs and risk management.

Sanctions Considerations

The Philippines implements UN Security Council resolutions and maintains its own sanctions regime. The country has sophisticated screening requirements, particularly for cross-border transactions and correspondent banking relationships. Financial institutions must implement specialized handling for defense-related transactions and heightened screening for transactions involving high-risk jurisdictions.

As a major financial hub in Southeast Asia, the Philippines faces increasing pressure to balance local regulatory requirements with global sanctions compliance expectations, particularly in wealth management and trade finance.

Key Compliance Challenges

Understanding the unique obstacles facing financial institutions in the Philippines

Regulatory Complexity

The Philippines' financial system is regulated by multiple authorities including AMLC, BSP, SEC, and IC, each with their own AML/CFT requirements, creating a complex compliance landscape for financial institutions operating across different sectors.

Digital Financial Services

The rapid growth of digital financial services and fintech requires careful management of new payment channels while ensuring compliance with both AML regulations and data protection requirements.

Beneficial Ownership

Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners, particularly in wealth management and private banking.

Sanctions Compliance

The Philippines' position as a regional financial hub requires sophisticated sanctions screening capabilities, particularly for trade finance, mobile money, and correspondent banking relationships.

Regulatory Expectations

Philippine regulators maintain high expectations for AML/CFT compliance, requiring sophisticated transaction monitoring systems, regular independent audits, and continual enhancements to address emerging risks.

Reputational Risk

The Philippines' position as a leading financial center in Southeast Asia creates heightened reputational risks for institutions operating in the jurisdiction, with potential AML/CFT violations attracting significant regulatory attention and media coverage.

Anqa's Approach for Philippines

Our comprehensive AML solution tailored for Philippines's unique regulatory landscape and market requirements.

Digital KYC & Onboarding Platform

Electronic KYC integration with Philippines's identity verification systems, centralized repository, and enhanced due diligence workflows for high-risk customers.

Customer Risk Assessment Engine

Five-dimensional risk classification aligned with AMLC guidelines with behavior-driven risk adjustments for Philippines's sophisticated financial ecosystem.

Sanctions & Watchlist Screening

Screening against AMLC and international lists with fuzzy matching optimized for Philippines's diverse naming conventions and continuous rescreening capabilities.

Loan Application & Approval

Automated loan origination with offline support for rural areas and integration with KYC modules designed for Philippines's financial ecosystem.

Compliance Workflow Platform

Centralized case management aligned with AMLC requirements, complete audit logging, and structured user permissions for complex organizational structures.

Deployment & Pricing

No setup fees, modular pricing, cloud-based with scalable licensing (user or transaction-based).

Ready to Secure Your Compliance?

Contact Anqa today for a personalized consultation and see how our tailored solutions can strengthen your AML/CFT framework in the Philippines.

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Philippines — AML & Compliance FAQs

  • In the Philippines, AML compliance is overseen by the Anti-Money Laundering Council (AMLC), operating under the Anti-Money Laundering Act of 2001 (Republic Act No. 9160). The AMLC regulates banks, fintechs, real estate agents, casinos, and other covered institutions to strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) controls nationwide.

  • Businesses in the Philippines must conduct Know Your Customer (KYC) procedures, monitor transactions, conduct risk profiling, and file Suspicious Transaction Reports (STRs) and Covered Transaction Reports (CTRs) with the AMLC. Understanding AMLC reporting requirements Philippines and mastering how to file STR Philippines are essential steps for full Philippines AML compliance by 2025

  • An STR must be filed with the Anti-Money Laundering Council (AMLC) whenever a transaction suggests illicit activity, terrorism financing, or an attempt to obscure the source of funds. Properly filing STR Philippines through the AMLC’s online reporting portal ensures compliance with national Philippines AML compliance obligations and protects businesses from sanctions and penalties..

  • Yes. Fintech startups, e-wallet providers, and payment service operators are fully subject to Philippines AML compliance obligations. They must comply with AML obligations for fintechs Philippines, including KYC onboarding, risk-based transaction monitoring, and timely reporting of STRs and CTRs to the AMLC.

  • Anqa Compliance offers easy-to-use, mobile-first compliance solutions for Filipino businesses. Our platform streamlines KYC onboarding in line with digital payments KYC Philippines standards, automates transaction monitoring, and simplifies STR and CTR filing — helping companies maintain full Philippines AML compliance efficiently and affordably.

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