iRealtee OS Glossary

AMLC

The AMLC operates under the following State policies:

AMLC

AMLC (Anti-Money Laundering Council) is the Philippine government agency tasked to implement Republic Act No. 9160 (Anti-Money Laundering Act of 2001) and Republic Act No. 10168 (Terrorism Financing Prevention and Suppression Act of 2012). It serves as the country's central authority for anti-money laundering and counter-terrorism financing (AML/CTF) regulation.

Core Mandate

The AMLC operates under the following State policies:

  • Protect and preserve the integrity of the Philippine financial system
  • Ensure the Philippines is not used as a money laundering site for proceeds of unlawful activity
  • Extend cooperation in transnational investigations of persons involved in money laundering

Council Composition

The AMLC council consists of three members who act unanimously:

  • Governor of Bangko Sentral ng Pilipinas (BSP) - serves as Chairman
  • Commissioner of the Insurance Commission (IC) - member
  • Chairperson of the Securities and Exchange Commission (SEC) - member

The agency is headed by an Executive Director who serves as chief executive officer.

Key Services

The AMLC performs three primary functions:

  • AML/CTF Regulator and Supervisor - sets guidelines and monitors compliance
  • Financial Intelligence Unit - receives and analyzes suspicious transaction reports
  • Law Enforcement Agency - investigates and prosecutes money laundering and terrorist financing cases

Jurisdiction

The AMLC has jurisdiction over all "covered persons" under the AMLA, including:

  • Banks and financial institutions
  • Insurance companies
  • Securities dealers
  • Real estate brokers and developers
  • Jewelry dealers and precious metals traders
  • Casinos
  • Lawyers and accountants (as designated non-financial businesses and professions)

Relevance to Real Estate Professionals

Real estate brokers and developers in the Philippines are classified as Designated Non-Financial Businesses and Professions (DNFBPs) under the AMLA. This classification requires them to:

  • Register with the AMLC via the online registration system at portal.amlc.gov.ph
  • Appoint a Compliance Officer to oversee AML/CTF compliance
  • Conduct Customer Due Diligence (CDD) - verify client identities and source of funds
  • Report Covered and Suspicious Transactions to the AMLC
  • Maintain records of all transactions for at least five years

Registration Requirements for Real Estate Brokers

PRC-licensed brokers must complete AMLC registration before conducting real estate transactions. The process includes:

  • Submitting Articles of Partnership/Incorporation or DTI Certificate
  • Appointment letter for Compliance Officer or Primary Designated Officer
  • Notarized Deed of Undertaking
  • Creating a key ID under the GPG (Kleopatra) Software for transaction security

A Provisional Certificate of Registration (PCOR) may be issued while completing full documentation requirements.

Reporting Thresholds

Real estate brokers must report:

  • Covered transactions involving amounts above PHP 500,000
  • All suspicious transactions regardless of amount
  • Cash transactions above PHP 500,000 in a single day

Non-compliance may result in penalties including fines and imprisonment under the AMLA.

Official Resources

References

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