Photo Release

December 15, 2020

Expanded AMLA’s effects on doing business: Senate President Pro-Tempore Ralph Recto raises several points during his interpellation on the proposed amendments to the Anti-Money Laundering Law Tuesday, December 15, 2020. One of the points raised by Recto is the effect on the banking sector in complying with the complex requirements of the AMLA. “We know the cost of doing business increases with all this additional regulation. Cost of compliance. Would you know, as chairman of the Banks Committee, what is the cost for banks?” Recto asked. Sen. Grace Poe, chairperson of the Committee on Banks, Financial Institutions and Currencies, said she has no figure yet but “it would be nice to know exactly how much is added to their operating costs for compliance alone." Poe also stressed that terrorism, and many other concerns, changed the landscape of the financial sector. (Screen grab/Senate PRIB)