Money Laundering/Terrorism Financing National Risk Assessment

OFFICE OF THE DEPUTY GOVERNOR | FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2023-____ 069 To : All BSP-Supervised Financial Institutions (BSFIs) Subject : Money Laundering/Terrorism Financing National Risk Assessment Under Memorandum Circular (MC) No. 371 dated 16 October 2023 (Annex A), the Office of the President directed the urgent implementation of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023-2027 and enjoined all concerned agencies to fully support and actively participate in the conduct of the Money Laundering/Terrorism Financing (ML/TF) National Risk Assessment (NRA). The NRA is an integral component of the Philippines’ efforts to combat ML/TF and other related threats to the integrity of the international financial system. In line with this, the NRA is critical in maintaining an updated understanding of the ML/TF environment and risk posture of the country. The results of the NRA will inform the supervising authorities, other law enforcement agencies, and covered persons in the efficient allocation of resources and implementation of risk-based measures in preventing or mitigating ML/TF risks. The NRA involves the use of both quantitative and qualitative data/information gathered from reports and other relevant sources. Accordingly, the BSP, in conducting the NRA for the banking sector and other financial institutions under its supervision, shall gather relevant data and information to facilitate the identification, evaluation and assessment. Further, representatives from the private sector will also be invited to provide valuable industry and business insights in the NRA process. In this regard, we enjoin the BSFIs’ active participation for the successful conduct of this NRA exercise. Digitally signed by Ma. Belinda G. Caraan Date: 2023.12.27 20:47:07 +08'00' MA. BELINDA G. CARAAN Sector-in-Charge ___ 27 December 2023 1 Disseminated through AMLC Advisory dated 27 October 2023 (www.amlc.gov.ph/16-news-and- announcements/466-office-of-the-president-of-the-philippines-issues-memorandum-circular-on-anti-money- laundering-and-counter-terrorism-financing-strategy?tmpl=component&print=1&page=) Classification: GENERAL

Annex A