Created by the Anti-Money Laundering Act of 2001, the Council is chaired by the BSP Governor, with the Insurance Commissioner and the SEC Chairman as members. It acts unanimously in discharging its functions.
What they do
Covered persons file their covered and suspicious transaction reports with the AMLC, and it issues the Implementing Rules and Regulations and regulatory issuances for the AML law. Republic Act No. 11521 added powers to seek search and seizure orders and subpoenas and to implement targeted financial sanctions tied to UN Security Council resolutions.
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