Sectoral Risk Assessment (SRA)

BANOKO STTTNTL NO PILIFINAS OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. Ct 2020. 032 To : All BSP-Supervised Financial Institutions (BSFls) Subject : Sectoral Risk Assessment (SRA) The Bangko Sentral ng Pilipinas (BSP) will conduct the 3'd anti-money laundering/combating the financing of terrorism (AML/CFT) sectoral risk assessment (SRA) to identify and assess the current money laundering/terrorism financing/proliferation financing (ML/TF/PF) "risk and context information" in the industry. The SRA will facilitate the identification of ML/TF/PF threats and vulnerabilities in the sector and the assessment of their impact on the BSFlsl, banking industry, and financial system. lt will cover priority areas such as cash, cross-sector and cross-border transactions, and other key emerging risks as part of the recommended actions in the 2019 Philippines' Mutual Evaluation Report. The results of the SRA will inform the BSP's risk-based AML/CFT supervisory activities and the respective ML/TF/PF institutional risk assessment of BSFls. The 3rd AML/CFT SRA will cover accounts and transactions for the period 0L January 20L7 to 31 December 2019. This exercise will involve the use of both quantitative and qualitative data/information from existing reports as well as the responses to the AML/CFT Template (ACT) and Questionnaire, among others. In this regard, selected BSFIs shall be required to accomplish the ACT and submit the same to the BSP's Financial System Integrity Department (FSID) via [email protected], on or before 15 September202O. The selected BSFIs shall also be required to provide other data and/or information in connection with the SRA. The BSFIs selected for this exercise shall be informed by the BSP individually. We enjoin the BSFI's participation for the successful conduct of this SRA. IG. FONACIER 06 July 2020 1 BSP-supervised financial institutions covered in the SRA are banks, quasi banks, non-stock savings and loan associations (NSSLAs), electronic money issuers (EMls), stand-alone credit card issuers, virtual currency exchanges (VCEs), trust entities and legal arrangements, and other Fls which under special laws are subject to BSP supervision and/or regulation, including their subsidiaries and affiliates. A separate risk assessment for the money service business (MSB) sector shall be conducted. A. Mabini St., Malate 1004 Manila, Philippines * (632) 87087701 * www.bsp.gov.ph * [email protected]