The 2024 SGV FinCrime Forum, held recently in Makati City, highlighted the urgency of preparing for the FATF evaluation.
Themed “Collaborative Vigilance: Transforming FinCrime with Risk Intelligence,” the forum brought together key figures, including Anti-Money Laundering Council (AMLC) Executive Director Matthew David and Bangko Sentral ng Pilipinas (BSP) Financial System Integrity Department Manager Vernice Lauren Roman-Eustaquio.
In a statement, SGV said that FATF’s October 2024 plenary acknowledged the Philippines’ progress in addressing financial crime but emphasized the need for sustained efforts.
The upcoming visit will assess the country’s compliance and effectiveness in implementing anti-money laundering (AML) measures, a critical step in avoiding inclusion on the FATF “gray list.”
SGV vice chair Maria Vivian Ruiz underscored the forum’s mission to foster collaboration.
“Financial crime has gained momentum in recent years, making prevention a critical part of the regulatory agenda and corporate strategy,” she said. “As technology advances and our systems become increasingly digitalized, addressing vulnerabilities has become paramount to combat financial crime.”
Key topics included financial crime trends, updates to the AML Act, and BSP regulatory frameworks. Experts also discussed leveraging technology, such as artificial intelligence, to bolster security and streamline compliance.
Participants agreed on the need for collective vigilance and a unified approach to combating money laundering and terrorist financing. The forum emphasized aligning regulatory mandates with industry practices to build a robust defense against financial crimes.
As FATF’s visit nears, regulators and industry leaders alike are committed to demonstrating the Philippines’ readiness to comply with global AML standards, ensuring sustained financial integrity and consumer protection, SGV said.
