SGV hosts seminar on AML and CFT

SGV’s Financial Services Office recently hosted a public seminar on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) at the Makati Shangri-La Hotel. A number of representatives from different banks, insurance companies and financial institutions attended the seminar.

FSO Leader Vicky Lee Salas opened the seminar and explained the overall objective of the seminar, which was to support the growth and development of AML/CFT knowledge and awareness of the country’s covered entities, which are supervised by the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC) and the Insurance Commission (IC).

BSP Deputy Governor Chuchi Fonacier and Anti-Money Laundering Council (AMLC) Secretariat Executive Director Atty. Mel Racela presented enforcement trends, including updates and developments in the local regulatory framework.

EY Hong Kong Senior Director Elizabeth McDonald discussed leading practices and global/regional developments. EY Hong Kong Director Vincent Tang discussed institutional risk assessment (IRA) on money laundering and terrorist financing. SGV Senior Director Veronica Arce presented money laundering and terrorist financing detection typologies and the Asia Pacific Group (APG) 2016 typology report. SGV Financial Services Risk Management (FSRM) Head Christian Lauron discussed the use of analytics and anomaly detection from machine learning to detect money laundering and terrorist financing.

The seminar was a public event organized by the SGV AML Working Group, led by FSO Head and Assurance Partner Vicky Lee Salas and Senior Director Veronica Arce, together with Senior Associate Christopher Yu, and Associates Radelaine Borreta, Charles Agunos, John Henry Pantoja and Elias Botard.