Anti-Money Laundering and Combating the Financing of Terrorism Workshop for Money Service Businesses | Asian Development Bank

Anti-Money Laundering and Combating the Financing of Terrorism Workshop for Money Service Businesses

Event | 19 - 20 June 2017 Iloilo City, Philippines

ADB’s Office of Anticorruption and Integrity (OAI) has launched a technical assistance (TA) that aims to strengthen the capacity of Non-Banking Financial Institutions (NBFIs) to implement international standards in relation to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

In partnership with the Anti-Money Laundering Council of the Philippines and the Bangko Sentral ng Pilipinas, OAI is conducting the AML/CFT Workshop for Money Service Businesses in the Philippines.

Objectives

At the end of the workshop, participants will:

  • Understand the anti-corruption activities of the Office of Anticorruption and Integrity, ADB
  • Understand the concept of money laundering and the salient features of the Anti-Money Laundering Act of 2001, as amended, and its Revised Implementing Rules and Regulations
  • Explain the concept of customer due diligence (CDD), its requirements and application and the different levels of CDD and the specific processes/issues related to them
  • Identify covered and suspicious transactions
  • Explain record-keeping requirements, AML reporting procedures, and salient features of BSP Circular No. 950 entitled, "Updated Anti-Money Laundering Rules and Regulations"
  • Understand National Risk Assessment, structure and functions of the BSP’s Anti-Money Laundering Specialist Group (AMLSG)

Target participants

Participation from selected money service business is by invitation only.