In any organization, compliance isn’t just a legal checkbox—it’s a core function that protects the business, its employees, and its reputation. In the Philippines, Human Resources (HR) plays a crucial role in ensuring both internal compliance and adherence to government regulations. As the department that directly manages people, HR is at the center of enforcing policies, aligning with labor laws, and maintaining ethical standards.
Staying compliant with Anti-Money Laundering (AML) regulations is no walk in the park. As regulations tighten and evolve, businesses are under more pressure than ever to ensure they’re not just ticking boxes but truly safeguarding against financial crimes. If you’re in a regulated industry, you already know how complex and time-consuming this can be.
When running a business in the Philippines, staying on the right side of the law is crucial, especially regarding Anti-Money Laundering (AML) compliance under the Anti-Money Laundering Act (AMLA) and the Penal Code as amended. If you’re part of a regulated industry, you’ve probably heard of the Anti-Money Laundering Council (AMLC). This government body and the Bangko Sentral ng Pilipinas (BSP) play a vital role in keeping our financial system clean by ensuring businesses report suspicious activities and comply with monetary laws.
Anti-money laundering (AML) compliance, as mandated by the Anti-Money Laundering Act (AMLA) of 2001 (RA 9160), is more than just a checkbox — it’s a critical defense against financial crimes that can have wide-ranging consequences. Especially in places like the Philippines, where financial regulations are tightening, staying ahead of the curve is non-negotiable. Thankfully, technology is stepping up, making AML compliance manageable and impressively effective.
On August 22, 2024, over 70 Subdivision and Housing Developers Association (SHDA) members gathered for a pivotal business forum where I had the opportunity to present on a critical topic: AMLA compliance in the digital age for the real estate industry. The event, attended by diverse professionals across the real estate sector, highlighted the growing importance of Anti-Money Laundering Act (AMLA) regulations. I designed my presentation to provide SHDA members with a comprehensive understanding of their challenges and responsibilities, especially as the industry faces increasing susceptibility to financial crimes due to the high-value nature of its transactions.
