The Central Bank of the Philippines issued a supervisory memorandum reminding BSP-supervised financial institutions to ensure that implementation of anti-money laundering and countering the financing of terrorism and proliferation financing (AML/CTPF) requirements, including customer due diligence (CDD), does not result in discrimination against certain customer types or on the basis of religion, race, ethnic origin, or similar attributes. The reminder explicitly covers “persons of concern” (POC) under relevant United Nations Conventions, including refugees, asylum seekers, stateless persons and stateless applicants. Institutions are instructed to review their Money Laundering and Terrorism and Proliferation Financing Prevention Program, align internal non-discrimination policies and procedures with existing AML/CTPF laws and rules, and cascade these requirements to relevant officers and staff to ensure consistent application across all branches and units.
Central Bank of the Philippines 2025-07-08
Central Bank of the Philippines reminds supervised financial institutions to apply AML and CTF and proliferation financing controls without discriminating against persons of concern
The Central Bank of the Philippines issued a memorandum urging financial institutions to implement anti-money laundering and countering the financing of terrorism and proliferation financing (AML/CTPF) requirements without discrimination based on religion, race, or similar attributes. The guidance includes ensuring non-discriminatory practices towards "persons of concern" under UN Conventions, such as refugees and asylum seekers. Institutions must review and align their internal policies with AML/CTPF laws and ensure consistent application across all branches.