Senate Deputy Minority Leader Risa Hontiveros questioned the Anti-Money Laundering Council (AMLC) on Monday regarding actions taken against banks linked to the high-profile money laundering case involving former Bamban, Tarlac mayor Alice Guo.
Hontiveros raised concerns over the banking sector’s compliance with AMLC’s reporting requirements, which aim to prevent illicit financial activities.
“It appears that despite our stringent anti-money laundering laws, some banks fail to comply with reportorial requirements and flag illegal activities. What is the AMLC doing about this?” Hontiveros said in Filipino.
In response, Sen. Grace Poe, who chairs the Senate Committee on Finance, said the AMLC initiated enforcement action proceedings against the banks involved in the Guo case. These proceedings will determine if the banks breached requirements under the Anti-Money Laundering Act (AMLA).
Poe said these proceedings are ongoing, adding that should the AMLC find violations, formal charges may be filed, or fines ranging from P250,000 to P500,000 per transaction—up to P 10-20 million, depending on circumstances—could be imposed.
Hontiveros underscored the importance of significant penalties, especially given the magnitude of the transactions under scrutiny.
Poe further highlighted the need for AMLC support in funding advanced tools, including artificial intelligence (AI) and security software, to effectively monitor the high volume of suspicious transaction reports the council receives.
However, both senators emphasized that while AI can aid investigations, it cannot replace human insight.
“There is really no substitute for human intelligence. The wisdom, insights, and instinct that only people possess, technology can never fully simulate that,” Hontiveros said.
