Explore AML & Sanctions Compliance Resources

Get on top of AML compliance for professional services in the UK with our comprehensive guide. Discover how a risk-based approach, along with key regulations like the Money Laundering Regulations 2017, can help your firm manage risk and avoid penalties.

The Philippines has implemented a robust Anti-Money Laundering (AML) framework to protect its financial system, driven by laws such as the Anti-Money Laundering Act of 2001 (AMLA) and the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA). Key institutions like the Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP) work together with financial institutions to enforce strict customer due diligence, suspicious transaction reporting, and other monitoring measures. Despite challenges such as cybercrime and terrorist financing, the country continues to strengthen its AML practices through ongoing reforms and international cooperation to prevent illicit financial activities.

Sanctions compliance is a critical concern in the high-tech manufacturing industry, where companies routinely deal with international markets, complex supply chains, and cutting-edge technology that can be subject to export controls. The rise in global trade restrictions, particularly those aimed at controlling technology exports to countries under sanctions, places significant compliance obligations on high-tech manufacturers.

The use of shell companies to evade sanctions and launder money has become a pressing issue on a global scale. These seemingly legitimate businesses, devoid of real activity, are often the perfect disguise for illicit funds to slip through the financial system undetected. With an estimated $1.6 trillion laundered globally each year, understanding the mechanics of shell companies and their role in financial crime is more important than ever.

The Three Lines of Defense is an AML-CFT compliance framework that designates roles for frontline employees managing risks, a team overseeing compliance, and internal audit for oversight. This structure strengthens defenses against money laundering and the financing of terrorism. Read on to learn more in this informative article.

Trade sanctions are one of the most powerful tools that nations and international organisations use to influence global politics, maintain security, and enforce foreign policy. While they come in various forms, they are generally restrictive measures that affect the movement of goods, services, or finances between countries. Trade sanctions are often imposed in response to a nation’s actions that violate international norms, human rights, or security agreements. These measures are designed to exert pressure on the target country to alter its policies or behaviours.