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Fintech Alliance.PH Inks Agreement With the Anti Money Laundering Council

The Fintech Alliance.PH announced that it has signed the Information Sharing Protocol (ISP) with the Anti-Money Laundering Council (AMLC) to bolster the fight against money laundering and terrorism financing in the country.

The AMLC is the Philippines’ Financial Intelligence Unit (FIU) tasked to implement the Anti-Money Laundering Act of 2001.

Both parties will be collaborating in the areas of information exchange, and capacity building to enhance each other’s abilities to address money laundering, terrorism, and terrorism financing concerns.

It also institutionalises an effective documentation mechanism that performs targeted suspicious transaction monitoring and reporting and develops valuable or breakthrough investigative leads..

Atty. Mel Racela

“The AMLC and Fintech Alliance.ph recognise a genuine culture of trust, partnership, and cooperation to achieve shared objectives. Consultations on the strategic priorities and plans and the sharing of information are crucial as well.

The AMLC has always been eager to collaborate with various agencies and organisations in detecting both criminal acts and money laundering to reinforce the public confidence in the country’s financial system.”

said Atty. Mel Racela, Executive Secretary of the AMLC.

Lito Villanueva

“This partnership between the public and private sector aims to eliminate money laundering activities, terrorism financing, and other illegal activities that may negatively disrupt the country’s financial ecosystem,”

said Lito Villanueva, founding chairman of Fintech Alliance.ph.