In a pioneering move that hopes to reinforce public confidence in the national financial system, the Anti-Money Laundering Council (AMLC) has forged a new partnership with LBC Express.
LBC, being one of the country’s market leaders in international and domestic remittance transactions operates across a network of 6,400 branches, partners, and agents worldwide. Despite its breadth, the company is known for its stringent monitoring and tracking, in compliance with the guidelines of the Anti-Money Laundering Act (AMLA), but welcomes the opportunity to improve processes in the interest of protecting the country.
“Dubbed the Information Sharing Protocol, this groundbreaking public-private partnership (PPP) highlights a renewed focus on information exchange and capacity building programs between stakeholders, to ensure that the country will not be used as a money laundering haven. Our efforts will ultimately be a step towards protecting the country from terrorism and other unlawful activity, while simultaneously ensuring the safety and integrity of our kababayans padala,” explains Irene I. Torres, LBC Express, Inc. Vice-President for Compliance.
Veering away from the more traditional and rigid rule-based approach to compliance, AMLC—for their part–commits to generate a culture of trust, partnership and cooperation with LBC.
“We have a strong focus on fostering strategic coordination and collaboration, especially when it comes to understanding priorities, generating plans, and sharing information. ALMC is a partner of the private sector and this presents a milestone and a new chapter in our relationship with LBC,” adds Mel Georgie Racela, Executive Director of AMLC Secretariat.
With this agreement, both organizations are committed to reduce consumer risk related to money laundering, increase confidence in regulatory compliance, boost security across all transactions, and ensure better transparency. It’s a framework that is built on collaboration, allowing both organizations to support and develop each other’s core capabilities.
“In an increasingly interconnected world, the consequences of ignoring the impact of money laundering on our financial and national security can be damaging. Guaranteeing the integrity of the brand underscores our intent to ensure the safety of those who continue to depend on LBC,” ends Torres.
