THE Anti-Money Laundering Council (AMLC) is investigating the potential liability of several banks for failing to report transactions related to the money laundering case of dismissed Bamban, Tarlac mayor Alice Guo.
Senator Grace Poe revealed this during the ongoing Senate plenary deliberations on the proposed 2025 national budget.
“The AMLC opened the enforcement action proceedings against those banks involved in Alice Guo’s case to determine if they have violated the requirement under AMLA [Anti-Money Laundering Act] to file STRs [suspicious transaction reports] with the AMLC,” Poe said in response to an interpellation by Senate Deputy Minority Leader Risa Hontiveros.
“These proceedings are ongoing, and should the AMLC find that they indeed violated the said requirement, the AMLC will file formal charges against said banks,” Poe added.
“They may be liable for fines ranging from P50,000 to P500,000 per transaction but not exceeding P10 to P20 million depending on the attendant circumstances.”
Poe emphasized that this investigation is “without prejudice” to possible criminal liability if “their officers are found to have knowingly facilitated the crime of money laundering.”
“We are looking forward to AMLC’s cases that they’ll actually be able to prosecute those that may be found to have caused these money laundering activities,” Poe said, highlighting the need to prevent such activities.
Through Poe, the AMLC explained that they failed to detect transactions related to alleged POGO operations in Bamban, Tarlac due to the lack of suspicious transaction reports (STRs) submitted to the council.
“Because of the failure of some covered persons to report through STRs, this is also where it will come into play where the bank representative might have to be investigated as well,” Poe said.
“But, of course, we can’t rely solely on what’s being reported. That’s why I think if we have an objective system such as the computerization of the categories, then it will also prompt members of the AMLC to look into it ahead of time, be more proactive,” Poe continued. “But again, there might be some connivance between their banks, the local representatives of the banks, and also those covered individuals.”
Meanwhile, Poe revealed that 87 out of 183 cases filed with the AMLC from the first to third quarters of 2024 are related to the Bamban POGO hub.
