20 Jul 2021
More real estate brokers and developers are registering with the Anti-Money Laundering Council (AMLC) after being included as covered entities in the monitoring of dirty money transactions in the country.
The AMLC said close to 3,300 real estate brokers and developers registered as of end-May, representing about 11 percent of the 30,000 real estate brokers and developers registered with the Professional Regulation Commission (PRC).
The financial intelligence unit said Republic Act 11521 or the Anti-Money Laundering Act (AMLA) of 2001 has included real estate brokers and developers, as well as Philippine offshore gaming operators (POGOs) and offshore gaming operators-service providers as covered entities.
The AMLC has been conducting webinars to entice real estate brokers and developers nationwide to register with the agency.
From only 50 registrations in February, the agency said a total of 1,526 real estate brokers and developers registered in March followed by more than 1,100 in April and 500 in May.
By Lawrence Agcaoili, The Philippine Star, 19 July 2021
Read more at The Philippine Star
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