October 24 2019
The inter-agency Anti-Money Laundering Council (AMLC) has replaced its previous penalty metrics and lowered the sanctions imposed on violators of the Anti-Money Laundering Act (AMLA) after Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno called it “absurd.”
AMLC Secretariat Executive Director, Atty. Mel Georgie B. Racela, said in an interview that they merely “re-distributed” sanctions allowed under AMLA which is not exceed P500,000.
