AML Policy

Anti-Money Laundering (AML)

Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean”.

In order to establish an effective Anti Money Laundering (AML) regime in the Philippines and to ensure that the country shall not be used as a money laundering site for the proceeds of any unlawful activity, a responsive AML legislation was enacted and signed into law.

The Anti-Money Laundering Council (AMLC) was created and composed of the Governor of the Bangko Sentral ng Pilipinas (BSP) as Chairman, with the Commissioner of the Insurance Commission (IC) and the Chairman of the Securities and Exchange Commission (SEC) as members. The AMLC acts unanimously in carrying out its functions as defined in the AMLA.

Betur, Inc., dba is duly registered with the Bangko Sentral ng Pilipinas (BSP) as a Foreign Exchange Dealer (FXD), Money Changer (MC) & Remittance Agent (RA), and all such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Act (AMLA), as amended. As such, the company has implemented systems and procedures with the objective of preventing money laundering and the financing of terrorism.

Sanctions List does not deal with individuals and entities that are engaged in illegal activities or terrorist-related activities as circularized by the BSP, AMLC, and other international entities or organizations, such as the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and United Nations Sanctions List

Anti-Money Laundering (AML) Policy

The AML policy is designed to prevent money laundering by meeting the Philippine AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:

  • The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
  • Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
  • Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
  • Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
  • The maintenance of appropriate records for the minimum prescribed periods; and
  • Training and awareness for all relevant employees.