Tags: customer records, digitization of documents, Banking Industry, Insurance Industry, Accounting Firms, Law firms, Digital Transformation, AMLA, AMLC Compliance, DIGICUR, Rural Banks, Savings and Loan Associations, Thrift banks

Customer Records Digitization for AMLC Compliance

Rural Banks Digitization

With the adoption of new guidelines adopted by the Anti-Money Laundering Unit comes the mandate of the digitization of customer records in institutions such as insurance companies, banks, and other persons covered under the Republic Act (RA) No. 9160 or the Anti-Money Laundering Act of 2001. Such persons covered by the act include professions, casinos, businesses, and entities falling under the jurisdiction of anti-money laundering and counter-terrorism financing.

The guidelines of the AMLC dictate that all covered industries have to store their customer records in a central database that will ease immediate access by duly authorized officers. The officers shall be responsible for the provision of the documents to the AMLC portal, making it easier to obtain such data compared to having to go through longer channels before getting access. This direct access to customer information ensures the proactive analysis of the customers' financial profiles.

The AMLC also requires accountants, lawyers, jewelry dealers, and fund managers to register under-reporting entities and digitize their client data. This move aims at broadening the fight against illegal wealth and financial crimes.


Purpose of digitizing for AMLC compliance

  • Digitization will be an enabler of the swift transmission of data since customer records are available and retrievable easily. This eliminates the need for requesting documents from branches every time there is a need.
  • It prompts the proactive analysis of customers’ financial profiles in a bid to curtail illegal wealth.
  • It helps the Philippines conform to global standards especially due to the growth in online transactions. Due to digitization, global banks have easier access to customer profiles and, therefore the ability to carry out effective monitoring and analysis of transactions and report any suspicious transactions to the organization's Financial Intelligence Units.
  • With the Philippine economy experiencing the fastest growth in Asia, it helps add to its competitiveness. Such ensures that their organizations can base operations or conduct operations internationally, therefore a bigger market.

Document Scanning and Document Management for AMLC Compliance

Aside from AMLC's recordkeeping requirements, banking institutions, insurance companies, and other covered persons have to comply with the guidelines on the digitization of customer records. Failing to comply gives serious repercussions to these institutions, which is why digitization and document management have become a necessity.

Archive One offers Scanning Services and  Document Management System as a cost-saving solution for institutions looking to control their records, comply with AMLC requirements, and easily keep up with periodic audits. 

Archive One is a document management system (DMS) designed to help companies easily classify, store, secure, and retrieve essential company documents that are needed for retention and audits. With our partners' help, we provide an end-to-end document management solution from scanning to document storage at a highly competitive price.

Achieve documentation compliance with Archive One! Book a 1:1 appointment now.