Members of SGV’s Financial Services Organization (FSO) Financial Crime Risk Management (FinCrime) Anti-Money Laundering (AML) team conducted a technical training on Anti-Money Laundering and Counter Terrorist and Proliferation Financing (AML/CTPF) for the Association of Certified Public Accountants in Public Practice (ACPAPP) Batangas Chapter. The training was held on 10 February 2024 in Batangas City.
SGV FinCrime Senior Associate Damlouie “Loui” R. Valladolid was the resource speaker for the training, while Senior Associates Rubin S. Hollero II and Coleen Mae D. Panuela and Associate Randjee Earl A. Saludares served as facilitators. The session provided insights on the role of accountants and auditors with regards to the Anti Money-Laundering Act (AMLA).
(From left to right) SGV FSO FinCrime – AML team members Rubin S. Hollero II, Randjee Earl A. Saludares, Coleen Mae D. Panuela, and Loui R. Valladolid receive a certificate of recognition and a token from incoming ACPAPP-Batangas Chapter President Mark Paul I. Ramos
Loui discussed the role of accountants and auditors when it comes to AML/CTF in the Philippines. He explained that their responsibilities start with the registration of the accountant/auditor with the AMLC as covered persons performing covered services. He outlined registration steps during the session, including the documents to prepare, the process of creating a key ID, and the registration proper at the AMLC website. He also discussed the predicate crimes of money laundering.
Other topics discussed during the training were an overview of money laundering and terrorist and proliferation financing, the history of the Philippines with the Financial Action Task Force (FATF), the development and implementation of an effective Money laundering and Terrorist Prevention Program (MTPP), customer due diligence, record keeping, and the reporting obligations provided by the AMLC. Typologies from international cases were also included in the presentation.
Loui urged the attendees to become promoters of the AMLA and its objectives by fostering a professional environment of compliance, diligence, cooperation, and awareness, to build a better working world.
