DNFBPs include lawyers, accountants, jewelers, casinos, company service providers, and dealers of precious metals.

“If the Philippines lacks rules and regulations for DNFBPs, it would be more vulnerable to money laundering and terrorism financing,” said Atty. Mel Georgie Racela of the Anti-Money Laundering Council (AMLC) Secretariat in his welcome remarks. “Now that we have these guidelines in place, the Philippines is better equipped to deter these twin evils.”

Atty. Leigh Von Santos further shed light on what anti-money laundering is, while Mr. Alvin Tolosa detailed the AMLC’s registration and reporting guidelines, emphasizing that it can be conveniently done online.

Cavalli invited members of the Philippine Association of Foreign Exchange Dealers, Money Changers, and Remittance Agents, Inc. (PAFERA) to show the DNFBPs that there are other sectors such as them who need these seminars so that knowledge can be shared.

The floor was also opened for questions from the DNFBP and MSB representatives in attendance.

According to Cavalli Business Center President, Ma. Jessica Palmiano, this was the first activity initiated by the private sector to encourage DNFBPs to register for AMLC. She also said that Cavalli is the first company service provider to register with the BSP-AMLC.

“We’re thinking of doing this regularly as part of Cavalli’s mission to ensuring that all our customers for the businesses that we support are really compliant,” she said.

“We have to follow regulatory guidelines to strengthen our business position. Doing client risk assessment also helps us protect ourselves, the business and industry where we’re at, and the country as well. “

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