Sanctions and AML Insights

The Philippines has implemented a robust Anti-Money Laundering (AML) framework to protect its financial system, driven by laws such as the Anti-Money Laundering Act of 2001 (AMLA) and the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA). Key institutions like the Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP) work together with financial institutions to enforce strict customer due diligence, suspicious transaction reporting, and other monitoring measures. Despite challenges such as cybercrime and terrorist financing, the country continues to strengthen its AML practices through ongoing reforms and international cooperation to prevent illicit financial activities.

Sanctions compliance is a critical concern in the high-tech manufacturing industry, where companies routinely deal with international markets, complex supply chains, and cutting-edge technology that can be subject to export controls. The rise in global trade restrictions, particularly those aimed at controlling technology exports to countries under sanctions, places significant compliance obligations on high-tech manufacturers.

The use of shell companies to evade sanctions and launder money has become a pressing issue on a global scale. These seemingly legitimate businesses, devoid of real activity, are often the perfect disguise for illicit funds to slip through the financial system undetected. With an estimated $1.6 trillion laundered globally each year, understanding the mechanics of shell companies and their role in financial crime is more important than ever.

The Three Lines of Defense is an AML-CFT compliance framework that designates roles for frontline employees managing risks, a team overseeing compliance, and internal audit for oversight. This structure strengthens defenses against money laundering and the financing of terrorism. Read on to learn more in this informative article.

Trade sanctions are one of the most powerful tools that nations and international organisations use to influence global politics, maintain security, and enforce foreign policy. While they come in various forms, they are generally restrictive measures that affect the movement of goods, services, or finances between countries. Trade sanctions are often imposed in response to a nation’s actions that violate international norms, human rights, or security agreements. These measures are designed to exert pressure on the target country to alter its policies or behaviours.

In this article, discover how Western sanctions impact the luxury goods industry. Learn about the compliance challenges, legal risks, and essential tools for sanctions compliance, particularly concerning Russia, that businesses need to protect their reputations and avoid financial penalties.

AML and sanctions violations increasingly involve companies without face-to-face contact with clients and customers—this is now becoming the norm rather than the exception. In this article, explore AML strategies for managing non-face-to-face customers in 2024.

The Financial Action Task Force, or FATF, publishes a list of high-risk jurisdictions to enhance anti-money laundering policies and procedures. All regulated businesses should be familiar with these jurisdictions, as working with them can affect your AML screening process. Failure to comply can lead to strict sanctions, so keep reading to learn more about what this means for your business.

The troubling rise of crypto money laundering has escalated with the growing popularity of cryptocurrencies. Criminal networks are exploiting the financial privacy of these digital assets to facilitate laundering activities. Read on to learn more about this trend and its implications for AML compliance.