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Philippines: Anti-Money Laundering Council Issues Guidelines on Beneficial Ownership

On December 4, 2018, the Anti-Money Laundering Council (AMLC) issued guidelines on beneficial ownership for all banks, insurance companies and other covered persons. The guidelines promote transparency and aim to prevent criminal elements from hiding their identities. The AMLC issued the guidelines to prevent circumvention of the Anti-Money Laundering Act of 2001 (AMLA) and align the Philippines with international financial standards on customer due diligence (CDD). The standards require banks and other financial institutions to identify their customers and establish beneficial owners.

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