ARCCO IN THE PHILIPPINES’ 3rd MUTUAL EVALUATION
The Philippines underwent a third round of mutual evaluations regarding its compliance with international anti-money laundering standards.
The Association of Remittance Company Compliance Officers (ARCCO) was invited and interviewed as an industry association representing the Money Service Business. ARCCO’s participation in the mutual evaluation is a clear indication of its important role in the industry’s regulatory affairs.
Mutual evaluations team comprises of legal, financial, regulatory, financial intelligence units, and law enforcement experts through a series of interviews with local supervisors, government and law enforcement agencies, and private stakeholders.
The mutual evaluation consists of two phases—technical compliance and effectiveness.
The first phase involves submission of the report on technical compliance, which is intended to check whether the existing laws, regulations, legal issuances, and enforceable means comply with the Financial Action Task Force (FATF) Standards and its criteria.
The second phase includes turning in the report on the effectiveness of the country’s existing anti-money laundering and combating financing of terrorism.
As part of its mission, ARCCO takes a growing and active role in anti-money laundering and combating terrorist financing. It advocates for effective compliance mechanisms among its members which is essential to safeguard the industry against financial abuse.
