UK's CISI partners with Philippines in effort to combat money laundering

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UK's CISI partners with Philippines in effort to combat money laundering

The UK's Chartered Institute for Securities & Investment (CISI) has announced a key project in the Philippines to support the country's compliance with anti-money laundering and counter-terrorism financing (AML/CTF) requirements.

The CISI is a Royal-Chartered, not-for-profit UK professional body for those who work in the financial services and investment profession worldwide. With 45,000 members globally and qualifications recognised by 61 regulators, its regional headquarters for Asia-Pacific are in Manila.

The CISI has created an online cost-effective AML/CTF professional assessment module to meet the standards required by the Anti-Money Laundering Council (AMLC) of the Philippines.

The CISI is a world leader in promoting integrity in the global financial services profession and we are excited by this work here in the Philippines.”

All individuals who work with money, directly or indirectly, are required to evidence their compliance with AML/CTF training and assessment annually. These include those supervised or regulated by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, and Insurance Commission as well as designated non-financial businesses and professions (DNFBPs), casinos, and other covered persons listed in Republic Act Nos. 10365 and 10927.

Under the 2018 Implementing Rules and Regulations of RA No. 9160, otherwise known as the Anti-Money Laundering Act of 2001 (AMLA), as amended, "covered persons shall develop or create opportunities for continuing education and training programs for its directors, officers, and employees to promote AML/CTF awareness and a strong compliance culture."

Simon Culhane, Chartered FCSI, CISI CEO, said: "We are honoured to be able to support the AMLC in its commitment to ensuring robust training and competence standards for those working in the Philippine capital markets."

Andrella Guzman-Sandejas, regional head, CISI Asia Pacific, added, "We are excited to offer an affordable, accessible, readily-available, online solution that will help to increase the effectiveness of all staff to fight money laundering and terrorism financing."

Richard Colley, director of Trade and Investment of the British Embassy Manila said: "I would like to congratulate AMLC and the Chartered Institute for Securities & Investment on this important partnership. We are delighted that the UK and the Philippines will be working together in this critical area of work to help combat money laundering. The CISI is a world leader in promoting integrity in the global financial services profession and we are excited by this work here in the Philippines."

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.