New FI Requirements in Philippines Anti-Human Trafficking Rules

The Philippine Anti-Money Laundering Council (AMLC) has issued draft rules to implement the country’s Expanded Anti-Trafficking in Persons Act of 2022. The Act was signed into law in June, giving authorities additional tools to fight human trafficking, particularly against the use of digital platforms to commit crimes. The new law included provisions that made internet intermediaries and financial institutions accountable for infrastructure, services, online platforms, and applications used to promote human trafficking. The implementing rules require financial intermediaries to report any suspected trafficking in persons-related financial activity or transactions – both to law enforcement agencies and the AMLC; reports will be held in a centralised reporting portal. Institutions should also have policies, procedures, processes and controls in place to enable employees to report suspicious activity to the compliance officer, which should investigate each case and build an internal report that includes the decision on whether or not to file suspicious transaction reports.

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