Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean”.
In order to establish an effective Anti Money Laundering (AML) regime in the Philippines and to ensure that the country shall not be used as a money laundering site for the proceeds of any unlawful activity, a responsive AML legislation was enacted and signed into law.
The Anti-Money Laundering Council (AMLC) was created and composed of the Governor of the Bangko Sentral ng Pilipinas (BSP) as Chairman, with the Commissioner of the Insurance Commission (IC) and the Chairman of the Securities and Exchange Commission (SEC) as members. The AMLC acts unanimously in carrying out its functions as defined in the AMLA.
Betur, Inc., dba Coins.ph is duly registered with the Bangko Sentral ng Pilipinas (BSP) as a Foreign Exchange Dealer (FXD), Money Changer (MC) & Remittance Agent (RA), and all such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Act (AMLA), as amended. As such, the company has implemented systems and procedures with the objective of preventing money laundering and the financing of terrorism.
Coins.ph does not deal with individuals and entities that are engaged in illegal activities or terrorist-related activities as circularized by the BSP, AMLC, and other international entities or organizations, such as the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and United Nations Sanctions List
The Coins.ph AML policy is designed to prevent money laundering by meeting the Philippine AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes: