PHILIPPINE BANKS REMINDED TO FOLLOW ANTI-MONEY LAUNDERING ACT.

(From Asia Pulse)

CEBU CITY, April 29 Asia Pulse - The country's Anti-Money Laundering Council (AMLC) is urging banks to know their customers and be aware of the revised provisions of the Anti-Money Laundering Act of 2001, as the council has been aggressively implementing the law.

According to AMLC Executive Director Vicente Aquino, the Bangko Sentral ng Pilipinas has issued circulars to ensure the compliance of banks with the AMLA.

These circulars include Circular No. 251, which requires banks and non-bank financial institutions to adopt the "know your client" policy in the conduct of business, to report suspicious transactions to competent …