AMLC, Mizuho Bank Manila sign information-sharing protocol for Philippines financial crime oversight

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AMLC and Mizuho info-sharing deal

Highlights

The Anti-Money Laundering Council and Mizuho Bank Manila signed an information-sharing protocol on Oct. 12 to bolster anti-financial crime measures in the Philippines.
The protocol aims to support anti-money laundering, counter-terrorism financing, and counter-proliferation financing mandates through enhanced cooperation and shared risk identification.
AMLC's latest National Risk Assessment finds the Philippines faces medium money laundering, terrorism financing, and proliferation financing risks, highlighting the importance of regulatory-bank collaboration.

Protocol framework and signing details

As reported by BusinessWorld, citing the Anti-Money Laundering Council, the agreement establishes a framework for cooperation and information sharing to support the anti-money laundering, counter-terrorism financing and counter-proliferation financing mandates of both institutions. The AMLC said in a statement dated Oct. 12 that the protocol is designed to strengthen efforts to identify and address risks to the Philippine financial system.

The council said the protocol reflects a shared commitment to protect the integrity of the financial system through closer collaboration in detecting, preventing and combating money laundering, terrorism financing and other related financial crimes. During the signing event, AMLC Executive Director Atty. Ronel U. Buenaventura said partnerships of this kind are important as financial crime risks become broader and more complex.

The agreement was signed by Mr. Buenaventura, AMLC Director Arnold T. Kabanlit, Mizuho Bank Country Head Masaaki Wada, and Mizuho Bank Chief Compliance Officer Akihiko Kinoshita.

Risk backdrop for the Philippine banking sector

The move comes as the AMLC's latest National Risk Assessment, published late last year, says the Philippines remains under heightened threat of money laundering while continuing to face crimes such as drug trafficking, financial fraud and tax evasion. Even so, the assessment found the country's vulnerability to money laundering risks is at a medium level across sectors including banks.

The AMLC also said the country faces medium risks from terrorism financing and proliferation financing. That backdrop underscores why timely information sharing between regulators and financial institutions is becoming a bigger operational focus for banks active in the Philippines.

Our earlier article on the Philippines’ stepped-up enforcement of the Anti-Agricultural Economic Sabotage (AAES) Law outlined how the Department of Justice is expanding prosecutor training to strengthen case build-up and inter-agency coordination for complex smuggling cases, including illicit tobacco. It also highlighted how major AAES filings and large revenue losses from illicit products are driving a tougher push to turn seizures into convictions and disrupt organized networks.

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