SGV hosts ACAMS Learning Event

SGV hosted the Association of Certified Anti-Money Laundering Specialists (ACAMS) Philippine Chapter’s learning event with the theme “Strengthening the Anti-Money Laundering and Counter-Terrorist Financing Program of the Insurance Industry.” Nearly 200 compliance and AML professionals from different insurance, banking and financial institutions, along with SGV Assurance Partner Veronica Arce-Balisi (VAB) and other SGV professionals attended the event. The learning event provided participants with insights on the recent developments in AML regulations, including the 2018 AMLA Implementing Rules and Regulations (2018 IRR), key priorities of National AML/CFT Strategy (NACS) involving Insurance Commission-Regulated Entities (ICREs) and leading practices for insurance businesses in the Philippines.

VAB welcomed participants to the learning event, while AMLC Secretariat Executive Director Atty. Mel Georgie Racela shared the ICREs’ 2017-2018 Suspicious Transactions (STR) and Covered Transaction Reporting (CTR) trends and framed the expectations on the ICREs’ implementation of the 2018 IRR. Manulife Philippines Chief Legal and Compliance Officer Atty. Fritzie Tangkia-Fabricante shared her views on the National Risk Assessment results for the insurance sector, the best practices in performing ML/TF risk assessment and building an AML/CTF program for an insurance company.