- Banks, offshore banking units, quasi-banks, trust entities, non-stock savings and loan associations, pawnshops, foreign exchange dealers, money changers, money remittance or transfer companies, electronic money issuers and all other persons
and entities supervised or regulated by the BSP, including their subsidiaries and affiliates
- Insurance companies, insurance agents, insurance brokers, professional reinsurers, reinsurance brokers, holding companies, holding company systems, pre-need companies, mutual benefit associations and all other persons and entities supervised
and regulated by the Insurance Commission (IC).
- The following Covered Persons under the supervision and regulation of the Securities and Exchange Commission (SEC):
- Jewelry dealers in precious metals, who, as a business, trade in precious metals; (n)
- Jewelry dealers in precious stones, who, as a business, trade-in precious stones; (n)
- Company service providers which, as a business, provide any of the following services to third parties:
a) acting as a formation agent of juridical persons;
b) acting as (or arranging for another person to act as) a director or corporate secretary of a company, a partner of a partnership, or a similar position in relation to other juridical persons;
c) providing a registered office; business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement; and
d) acting as (or arranging for another person to act as) a nominee shareholder for another person. (n)
- Persons who provide any of the following services other than those supervised and regulated by the BSP, SEC and IC:
a) Managing of client money, securities or other assets;
b) Management of bank, savings or securities accounts;
c) Organization of contributions for the creation, operation or management of companies; and
d) Creation, operation or management of juridical persons or arrangements, and buying and selling business entities.
- Jewelry dealers in precious metals, who, as a business, trade in precious metals; (n)
Notwithstanding the foregoing, the term “covered persons” shall exclude lawyers and accountants acting as independent legal professionals in relation to information concerning their clients or where disclosure of information would
compromise client confidences or the attorney-client relationship: Provided, that these lawyers and accountants are authorized to practice in the Philippines and shall continue to be subject to the provisions of their respective codes
of conduct and/or professional responsibility or any of its amendments. (n)
“Independent legal professional” are lawyers and accountants working in a private firm or sole practitioner who by way of business provides purely legal or notarial services to their clients.
Source: http://www.amlc.gov.ph/covered-persons/ic-covered-persons/14-covered-persons/3-covered-persons
Pursuant to the Anti-Money Laundering Act of 2001 (AMLA), as recently amended by Republic Act No. 11521, which took effect on 30 January 2021, the following are now covered persons:
- Real Estate Developers (REDs)
- Real Estate Brokers (REBs)
- Offshore Gaming Operators (OGOs)
- OGO-Service Providers (OGO-SPs)
Drop us a message, or email us at inquiries@framedia.ph to inquire about our AML Immersive e-Learning Series.