Philippines Exits FATF Grey List, Updates AML Compliance Rules
The Anti-Money Laundering Council released findings from its third National Risk Assessment, the first to include a dedicated proliferation financing component alongside traditional money laundering and terrorism financing risk analysis.
Key Takeaway
Philippines exits FATF grey list and mandates compliance updates across all regulated crypto platforms by June 2025.
The Anti-Money Laundering Council released findings from its third National Risk Assessment, the first to include a dedicated proliferation financing component alongside traditional money laundering and terrorism financing risk analysis.
The assessment covered 2021 to 2024 for money laundering and terrorism financing, while the proliferation financing component analyzed data from 2019 to 2023. AMLC Executive Director Matthew David said the council surveyed 33 foreign Financial Intelligence Units on cases linked to the Philippines.
The FATF removed the Philippines from its grey list of jurisdictions under increased monitoring in February 2025 after conducting an on-site visit in January. The global watchdog recognized progress in supervising high-risk sectors including casinos, money service businesses, and non-profit organizations, as well as improved beneficial ownership information access and intensified enforcement.
The Securities and Exchange Commission requires all Covered Persons to incorporate the NRA results into their compliance programs. Entities must reassess institutional risk assessments, update customer risk profiling, and align customer due diligence procedures with national risk levels identified in the assessment.
The AMLC is developing a new National AML/CTF/CPF Strategy covering 2026 to 2030 to implement the assessment's recommendations using a risk-based approach with timelines and technical assistance from key agencies.
🇵🇭 What This Means for Filipinos: PDAX, Coins.ph, and all BSP-licensed crypto exchanges must update their customer verification and transaction monitoring systems to align with the new national risk assessment. Filipino users can expect stricter KYC requirements and enhanced due diligence for higher-risk transactions as platforms implement the AMLC's findings. The grey list exit should improve the Philippines' reputation for cross-border crypto transactions and OFW remittance corridors using digital assets.
