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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in Philippines

Philippines

 

Anti Money Laundering (AML) By Country: Philippines

Anti Money Laundering (AML) in Philippines

Philippines
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Money laundering in the Philippines is a significant problem. In the past few years, the illegal drug trade in the Philippines has reportedly evolved into a billion-dollar industry. The Philippines continues to experience an increase in foreign organized criminal activity from China, Hong Kong and Taiwan. Reportedly, insurgency groups operating in the Philippines fund their activities, in part, through the trafficking of narcotics and arms, as well as engaging in money laundering through alleged ties to organized crime. The proceeds of corrupt activities by government officials are also a source of laundered funds. Most of the narcotics trafficking that transited through the Philippines is exchanged using letters of credit.

The Government of the Republic of the Philippines initially established an anti money laundering regime by passing the Anti-Money Laundering Act of 2001. This Act criminalized money laundering and imposed identification, recordkeeping and reporting requirements on financial institutions regulated by the Central Bank. This legislation also established the country’s Financial Intelligence Unit (FIU), called the Anti-Money Laundering Council (AMLC). In addition to traditional FIU responsibilities, the Council can partake in the investigation and prosecution of money laundering cases, and freeze assets allegedly connected to money laundering or terrorism. This act was revised in 2013.

The Economy of the Philippines

The economic growth of the Philippines began in the late 1950s and 1960s. Though the country suffered a bit of an economic setback in the late 1990’s due a financial crisis that affected much of Asia and then experienced further economic turmoil as various political leaders took control of the country, the Philippines is now considered a newly industrialized, emerging nation.

In 2005, the Philippine peso was named as the best performing currency of Asia. Major industries of the Filipino economy include electronics, garments, food processing, pharmaceuticals, chemicals, fishing, and petroleum refining. Its main export partners are China, United States, Japan, Netherlands, Taiwan, Hong Kong, Malaysia and Singapore. Many Filipinos have sought work elsewhere due to a lack of opportunities within the country. As such, remittances from overseas continue to be the biggest source of foreign income, estimated at approximately 10% of the GDP.

Although the general macroeconomic outlook has improved significantly in recent years, the Philippines continues to face important challenges and attempts to maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities and alleviate poverty.

Banking in the Philippines

Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. The primary objective of the Central Bank is to maintain price stability conducive to a balanced and sustainable economic growth. The BSP also aims to promote and preserve monetary stability and the convertibility of the national currency. The Central Bank has the exclusive power and authority to issue the national currency.

Filipino Currency

The currency in the Philippines is the Philippine peso*, divided into 100 centavos*. Current denominations of coins are 1, 5, 10, and 25 centavos and 1, 5 and 10 pesos. Banknotes come in denominations of 5, 10, 20, 50, 100, 200, 500 and 1000 pesos. The 5 peso note is no longer printed, but is still legal tender.

*Note: “peso” and “centavo” are the English/Spanish translations. The Filipino terminology is “piso” and “sentimo.”

Other Key Statistics of the Philippines

Time Zone: UTC+8 (13 hours ahead of Washington, DC during Standard Time).

Location: Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam.

Population: 103,097,265 (June 2015 est.).

Labor Force: Approximately 35% work in agriculture, 15% in industry and 50% in services industries. The unemployment rate is 7.3%.

Languages Spoken: Filipino (official; based on Tagalog) and English (official); eight major dialects - Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan.

Trade Organizations: The Philippines is a member of the World Trade Organization (WTO) and the United Nations (UN).

 

A Free Overview Of Anti Money Laundering (AML) For Philippines.

Anti Money Laundering (AML) in Sweden

Sweden

 

Anti Money Laundering (AML) By Country: Sweden

Anti-Money Laundering (AML) in Sweden

Sweden
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Money laundering and the financing of terrorism are evolving problems in Sweden. Similar to any developed financial center, Sweden’s financial sector is vulnerable to money laundering and terrorist financing, prompting the country to create an Anti-Money Laundering (AML) system. Despite this vulnerability, the number of reported money laundering-related crimes has fluctuated in the past few years.

The National Criminal Investigation Department (NCID) provides investigation and criminal intelligence support in cases involving crimes with nationwide or international ramifications. The NCID is divided into several divisions, one of which addresses economic crime and is primarily engaged in the investigation of money laundering-related crimes.

According to the Financial Action Task Force's 2006 "Report on Observance of Standards and Codes," money laundering is criminalized through several sections fo the Swedish Penal Code.

In 2009, the 2009:62 Money Laundering and Terrorist Financing (Prevention) Act became effective in Sweden. This law is based on the European Union's Third Anti-Money Laundering Directive. The legislation was upgraded with
extended criminal provisions and penalties.

The Finanspolisen, the Swedish Financial Intelligence Unit, is part of the Swedish Police Board and the Swedish National Criminal Police. From 2015 the Swedish Police Authority will be reorganized into one large authority that prioritizes the area of money laundering crimes.

The Economy of Sweden

Sweden is a well-established welfare state with a large government budget. The nation's high-performing economy has built its success on openness to global trade and investment.

In the early 1990s, Sweden suffered a financial crisis following the collapse of its real estate market. Swedish banks experienced severe losses. While the government implemented stricter control of costs, the number of credit loses slowly decreased and by the end of 1996, Swedish banks showed improved results.

Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. Despite sound public finances, the Swedish economy slid into recession in the third quarter of 2008 and the contraction continued into 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove a rebound in 2010, but growth slowed in 2013, as a result of continued economic weakness in the EU - Sweden’s main export market – and remained weak in 2014.

Banking in Sweden

The Riksbank is Sweden’s Central Bank. The Riksbank is responsible for maintaining Sweden’s monetary policy, overseeing that the system for making payments functions without disruption, issuing banknotes and coins, and managing Sweden’s reserve of gold and foreign currencies.

In Europe, banks represented on the major part of the financial market that offer all kinds of financial services are referred to as universal banks. Among the Swedish universal banks are:

Together these banks make up Sweden’s “big four” and have a strong position on the Swedish financial market.

In 1995, Sweden became a member of the European Union (EU). Sweden held a referendum upon entering the European Monetary Union in September 2003. The Swedish people rejected participation with 56% voting against and 42% for.

Swedish Currency

The official currency of Sweden is the krona (SEK).

Until World War I, Sweden, Denmark, and Norway utilized the krona as their shared currency. When the countries each broke off into their own respective currencies, Sweden chose to keep the name krona.

The krona is divided into 100 ore and comes in coins of 50 ore and 1 krona, and 5 and 10 kronor denominations. Notes are 20, 100, 150, 500, and 1000 kronor. Prices are rounded to the nearest 50 ore.

Other Key Statistics of Sweden

Time Zone: UTC+1 (6 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, Kattegat, and Skagerrak, between Finland and Norway.

Population: 9,723,809 (July 2014 est.)

Labor Force: Approximately 1.1% work in agriculture, 28.2% in industry and 70.7% in services industries (2008 est.). The unemployment rate is 7.9%. (2014 est.)

Languages Spoken: Swedish, small Sami- and Finnish-speaking minorities.

Trade Organizations: Sweden is a member of the United Nations (UN) and the European Union (EU).

 

A Free Overview Of Anti Money Laundering (AML) For Sweden.

Anti Money Laundering (AML) in Romania

Romania

 

Anti Money Laundering (AML) By Country: Romania

Anti-Money Laundering (AML) in Romania

Romania
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Money laundering in Romania is a significant problem. Some of the major sources of illegal proceeds are the illicit trafficking of drugs, fraud, financial crimes, customs and tax crimes, and the smuggling of goods. In recent years, illegal immigration and human trafficking have increased among profit-generating activities.

Romania's Law no. 656/2002 and its subsequent amendments have laid the groundwork for the AML regime in the country. Law no. 496/2006 set out the local regulatory framework for the prevention and sanctioning of money laundering, as well as for establishing measures for the prevention of and fight against financing terrorist act.

Additional legislation aiding in Romania’s fight against money laundering and terrorist financing includes the Criminal Procedure Code, which sets confiscation provisions for property including the proceeds of crime, equivalent value, income, or valuable benefits obtained from the proceeds of crime.

The Financial Intelligence Unit (FIU) of Romania is the National Office for the Prevention and Control of Money Laundering (ONPCSB), which is responsible for developing and coordinating the implementation of an AML system. It is also responsible for receiving Suspicious Transaction Reports (STRs) from financial institutions throughout the country. Other organizations working to combat money laundering in Romania include the National Bank of Romania and the Financial Supervisory Authority.

AML Training in Romania

Romania’s Financial Intelligence Unit, the ONPCSB, oversees the implementation of AML guidelines for the financial sector and works to ensure that adequate training is provided to the employees of all financial institutions.

The Economy of Romania

Romania is a country of considerable potential: rich agricultural lands; diverse energy sources (coal, oil, natural gas, hydro, and nuclear); a substantial industrial base encompassing almost the full range of manufacturing activities; an educated work force; and opportunities for expanded development in tourism on the Black Sea and in the Carpathian Mountains.

In the aftermath of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but the country’s GDP contracted until 2011. Economic growth rebounded in 2013, driven by strong industrial exports and an excellent agricultural harvest, and the account deficit was reduced substantially. In 2014, the Government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, and inflation was the lowest since 1989, allowing a gradual loosening of the monetary policy throughout the year. However, progress on structural reforms has been uneven and the economy is still vulnerable to external shocks. An aging population, weak domestic demand, tax evasion, and insufficient health-care represent top vulnerabilities.

Banking in Romania

Romania’s Central Bank is the National Bank of Romania. The Central Bank is responsible for implementing the country’s monetary policy, establishing and supervising the exchange rate, managing the reserves of Romania, and acting as the regulatory body over the financial system. The Central Bank is also the sole issuer of currency in Romania.

Romanian Currency

The Romanian leu is the national currency of Romania. One leu is subdivided into 100 ban. Banknotes are issued in 1, 5, 10, 50, 100, 200 and 500 lei denominations. Coins in circulation appear in 1 and 5 ban and 10 and 50 bani denominations.

Other Key Statistics of Romania

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine.

Population: 21,729,871 (July 2014 est.)

Labor Force: Of the jobs held by Romanians, 29% work in agriculture, 28.6% in industry, and 42.4% work in services (2012 est.). The unemployment rate is 7% (2014 est.)..

Languages Spoken: Romanian (official), Hungarian, Romany (Gypsy), and other.

Trade Organizations: Romania is a member of the World Trade Organization (WTO).

 

A Free Overview Of Anti Money Laundering (AML) For Romania.

Anti Money Laundering (AML) in Chile

Chile

 

Anti Money Laundering (AML) By Country: Chile

Anti-Money Laundering (AML) in Chile

Chile
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Money laundering in Chile is a growing issue that is primarily narcotics-related. Chile criminalized money laundering under an Anti-Money Laundering (AML) Law in 1995, and later updated the Law in 2003 to expand upon predicate offenses. In addition to narcotics trafficking, which was criminalized in the original AML Law, offenses include terrorism in any form (including the financing of terrorism), illegal arms trafficking, corruption, and fraud. In December 2009, law No. 20.393 was published, establishing the penal responsibility of legal entities relating to the crimes of money laundering, terrorist financing, and bribery.

The Law also established Chile’s Financial Intelligence Unit (FIU). Originally, Chile’s FIU was called the Department for the Control of Illicit Drugs. Under the revised 2003 Law, Chile’s FIU was renamed the Unidad de Análisis Financiero (UAF). The UAF is responsible for collecting and analyzing all Suspicious Transaction Reports (STRs). Financial institutions in Chile are required to follow a Know Your Customer (KYC) policy in order to identify customers with checking accounts.

In an attempt to strengthen its AML policies, Chile became a member of the Organization of American States (OAS) Inter-American Drug Abuse Control Commission (OAS/CICAD) Experts Group to Control Money Laundering and the Financial Action Task Force of Latin American (GAFILAT). The UAF joined the Egmont Group, a multinational network of FIUs from around the world, in 2004, furthering the country’s ability to combat against money laundering and terrorist financing.

The Economy of Chile

Chile enjoys the highest degree of economic freedom in the South and Central America/Caribbean region. Chile's economy s market-oriented with high levels of foreign trade. Chile is also home to the world’s largest copper producing company, Corporacion Del Cobre-Chile (CODELCO), which has led to a surge in copper prices and subsequent economic growth. Forestry and wood products, wine, fresh fruit, and seafood also account for a large portion of Chile’s economy.

Chile’s trade liberalization was heightened after it signed a free trade agreement with the United States that took effect in 2004. Chile currently has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico.

Banking in Chile

Established in 1925, the Banco Central de Chile is the country’s central bank. The Central Bank plays a huge role in preserving Chile’s economy by maintaining monetary policy, protecting the value and stability of the national currency, and seeking to keep inflation low and stable.

The Banco Central de Chile’s other functions include ensuring the normal functioning of domestic and external payments and issuing Chilean banknotes and coins. The banks and financial institutions of Chile are some of the strongest in South America.

Currency in Chile

The Peso is the official currency of Chile, sharing the same symbol as the United States dollar sign. Coins come in denominations of 1, 5, 10, 50, 100 and 500 pesos, although one-peso coins are fast disappearing and fives and tens are uncommon. Banknotes are issued in denominations of 500, 1000, 2000, 5000, 10000 and 20000 pesos.

Any notes that are in poor condition are withdrawn from circulation by the Banco Central de Chile. If a banknote has been mutilated but still contains more than half of the original text, it can be taken to the Bank and exchanged for its full value.

Other Key Statistics of Chile

Time Zone: UTC-4 (1 hour ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins second Sunday in October; ends second Sunday in March.

Location: Southern South America, bordering the South Pacific Ocean, between Argentina and Peru.

Population: 17,363,894 (July 2014 est.)

Labor Force: 8.514 million (2014 est.). Approximately 23% work in industry, 63.9% in services, and 13.2% in agriculture. The unemployment rate is approximately 6.5% (2014 est.).

Languages Spoken: Spanish (official), Mapudungun, German, and English.

Trade Organizations: Chile is a member of the United Nations (UN) and the World Trade Organization (WTO).

 

A Free Overview Of Anti Money Laundering (AML) For Chile.