MANILA, Philippines – The Anti-Money Laundering Council (AMLC) told banks and financial institutions to watch out for red flags linked to possible money laundering and vote buying activities during the election season.

The AMLC reminded financial institutions of the Anti-Money Laundering Act of 2001 and advised them to report the following suspicious transactions:

• Significant or large transactions occurring in a short period of time
• Unjustified large cash deposits and withdrawals
• Transactions seemingly inconsistent with the customer’s financial profile or declared business
• Unusual transactions or activities compared with normal everyday trade or dealings
• Structured cash deposits and money transfers
• Use of multiple accounts by a single transactor
• Use of several money service businesses to send funds

“The Anti-Money Laundering Council remains steadfast in performing its functions as the country’s Financial Intelligence Unit and primary implementor of anti-money laundering laws and regulations,” the AMLC said.

Must Read

[Newspoint] Take the money, then ‘vote your conscience’

The Bangko Sentral ng Pilipinas (BSP) earlier issued a memorandum reminding companies to be on the lookout for electronic vote buying and selling.

The BSP said indications of digital vote buying may include a concentration of transactions and account registrations, as well as unusual fund flows between accounts.

BSP data showed that 53% of adult Filipinos have electronic money accounts. 

In 2021, the volume of transactions coursed through PESONet and InstaPay rose by 26% and 47%, respectively. – Rappler.com