Anti-Money Laundering Council accredits CISI professional assessment suite against money laundering and terrorism finance

Published July 27, 2020, 12:17 PM

by Jonathan Castillo

The Anti-Money Laundering Council (AMLC) has recently recognized and accredited the Chartered Institute for Securities & Investment (CISI) to conduct an anti-money laundering e-learning and training programme for capital markets, banking, and finance professionals in the Philippines. 

The 2019 evaluation report of the Asia/Pacific Group on Money Laundering (APG), an intergovernmental organization against money-laundering, terrorism finance and proliferation financing, said the Philippines have weaknesses with assessments and understanding of transnational aspects of terrorism financing and money laundering risks. The report also recommended to provide further education and assistance to designated non-financial business and profession (DNFBPs) to enable them to understand the risks of terrorism financing and money laundering. 

“We are honored to be able to support the AMLC in its commitment to ensure robust training and competence standards for those working in the Philippine capital markets,” CISI chief executive officer, Simon Culhane, said. 

The CISI Anti-Money Laundering/Combating the Financing of Terrorism Professional Assessment (AML/CFT) is an online certificate designed for practitioners who need to comply with the annual AMLC requirement for training. In this program, it will no longer be necessary for individuals to attend third-party centers for instruction and testing as this can be done online at any time of the day or night. 

The said program gives an overview of the current AMLC/CFT legislation and regulation, enabling firms and individuals to demonstrate compliance with the government mandated AMLA training requirements and international standards. The modules are specifically tailored to those working in banks, money-service businesses/pawnshops and those regulated by the Securities and Exchange Commission (SEC). 

“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,” said CISI Asia Pacific regional head, Andrella Guzman-Sandejas. 

The AMLC recently increased its efforts to bring Philippine regulations and practices up to international standards against terrorism finance and money laundering. In the 2018 implementing rules and regulations of the Anti-Money Laundering Act of 2001, it prescribes training programs and continuing education for directors, officers, and employees of institutions covered by the said law. 

“We are always pleased to have partners in building AML/CFT capacity among our local stakeholders to ultimately eradicate money laundering and terrorism finance in the Philippines,” AMLC Secretariat Executive Director, Mel Georgie B. Racela, added. 

The Chartered Institute for Securities & Investment is the largest and most widely respected professional body for the securities and investment profession in the United Kingdom and in a growing number of financial centers globally. Founded in 1992, the CISI has a global community of 45,000 members in over 100 countries and qualifications recognized by 61 regulators.