Real estate groups seek easier AMLC registration 

Major groups in the real estate sector sought the help of the House of Representatives to ease the process of registration at the Anti-Money Laundering Council pursuant to the Anti-Money Laundering Act of 2001.

Real estate practitioners in the country, such as brokers and developers, are mandated by the AMLA, which was recently amended by Republic Act No. (RA) 11521 to be registered as covered persons or CPs under the anti-money laundering/counter-terrorism financing (AML/CTF) regime.

Registration with AMLC will enable CPs to electronically submit their reportable transactions through the AMLC Portal.

The process also mandates compliance officers or COs to create a key identification under their name by using the GPG4Win Kleopatra Software (for Windows) or GPG Suite (for MacOS) to be exported and likewise attached to the online registration system, while alternate officers’ registration in the AMLC and creation of public key is optional.

The groups who sought the tweaking of the process include the Subdivision and Housing Developers Association, Inc., National Real Estate Association, Organization of Socialized and Economic Housing Developers of the Philippines Inc., and Chamber of Real Estate and Builders' Associations.

During their meeting with NREA chairperson emerita and One Filipinos Worldwide Partylist Representative Marissa Del Mar-Magsino, they wanted the processes to be eased in order for them to perform their duties.

Further, the group also wanted to ease the staggering process for CPs regulated by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, and Insurance Commission and for land-based casinos.

The said mechanics need a notarized secretary certificate or board/partnership resolution showing the compliance officer’s designation or certificate of associated persons for APs of brokerage companies, or Department of Trade and Industry Certificate for Pawnshops/Money Service Businesses (PS/MSB) registered as single Proprietorship as well as a document, notarized and signed by the owner designating the compliance officer (CO) if the CO is not the owner of the PS/MSB.

Besides this, supporting documents for registration include the most recent Articles of Incorporation and General Information Sheet from the Securities and Exchange Commission (SEC), Certificate of Registration from the DTI; or proof of registration with the Cooperative Development Authority (CDA); Real Estate Brokers’ Certificate of Registration or License from the Professional Regulation Commission; Notarized Deeds of Undertaking of the entity, signed by the proprietor/partners/president/directors (Annexes B and C, to the 2021 AML/CFT Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs); and a Notarized Board resolution or Certificate of designation as Compliance Officer, among others.

With this, the said real estate groups wanted to lessen the documentary requirements, namely the removal of the Kleopatra/GPG Suite Software, the creation of a facility in the AMLC Portal where CP’s registered Compliance Officer and Primary Alternate Officer can update CP’s information and alternate officers and Updating/Removal of fields in the ORS.

“To encourage CPs registration, especially DNFBPs The following are proposed documentary requirements for registration of new CP. (a) Most Recent Articles of Incorporation and General Information Sheet from the Securities and Exchange Commission (SEC), Certificate of Registration from the Department of Trade and Industry (DTI); Real Estate Brokers’ Certificate of Registration or License from the Professional Regulation Commission (PRC); and (b) Notarized Board resolution or Certificate of designation as Compliance Officer,” the group said.

“We propose the removal of the Kleopatra software in the registration and reporting to simplify the process without sacrificing the security of the C/STRs being uploaded in the AMLC Portal. We also propose the creation of a facility in the AMLC Portal where CPs registered Compliance Officer and Primary Alternate Officer can update the CP’s information and alternate officer/s. With the current process, updating of CP’s information and registered personnel, CPs are required to repeat the online registration process. Also, we propose to update the fields in the ORS to simplify the process and to make it easier for registering CPs,” the tweaks that the group wanted to raise in AMLC.

Those who attended the meeting on December 6 at the House of Representatives were Rep. Magtoto, NREA Adviser Bansan Choa, SHDA representative Atty. Alezandro Casabar, OSHDP executive director, Atty. Gerwin Panghulan, OSHDP Policy and Campaigns Officer, Patrick Quiniquini, CREBA National President Noel Toti Cariño, VP for Internal Affairs, Pablo Panlilio, Jr., Demetrio Posadas and Executive Director Sharmin Albacete.