SGV Partner Veronica Mae Arce Balisi speaks at FINEX AML webinar

SGV Financial Services Organization (FSO) Partner Veronica Mae Arce Balisi (VAB) was a resource speaker at the Financial Executives Institute of the Philippines (FINEX) Anti Money Laundering (AML) webinar held on 2 December 2022 via Zoom. SGV sponsored the webinar.



Event poster


Veronica was joined by FINEX Professional Development Committee Chairman Editha V. Estacio (EVE), who delivered the welcome remarks and was part of the organizing team. Anti-Money Laundering Council Executive Director Atty. Matthew M. David was the keynote speaker. Veronica talked about AML and how the Philippines can get out of the grey list. She said that building a strong AML culture would enhance compliance, reduce regulatory risks, and improve AML efficiency. She added that it is also important to hold people accountable for the compliance framework. 





Veronica talks about fighting money laundering


Veronica shared five key takeaways during the session: 1. Covered institutions should be more involved in conducting institutional risk assessments (IRAs) to determine appropriate mitigating controls and identify heightened or emerging risks; 2. Know-your-client (KYC) and customer due diligence (CDD) should be linked with the transaction monitoring exercise; 3. AML/CTPF programs should not be seen as merely a compliance matter; instead, covered institutions should harness their benefits to have a better understanding of their customers and recognize that a good AML/CTPF risk management framework creates a good brand and reputation for the company; 4. Financial institutions and law enforcement agencies alike don’t just need new technology — they need to adopt a new way of working; and 5. Building a strong AML culture will enhance compliance, reduce regulatory risk, and improve efficiency in AML/CTPF. 


She concluded her talk by encouraging the attendees to fight money laundering, which may also be related to online sexual exploitation of children (OSEC), prostitution, human trafficking, and drug dealing. She said that one should not compromise one’s profession, firm, or company by accepting clients that may be involved in money laundering.


Association of Certified Anti-Money Laundering Specialists (ACAMS) Philippine Chapter Co-Chairman Atty. Karla Denise Frias led the panel discussion and the webinar concluded with a message from FINEX Professional Development Committee (PDC) Co-Chair Paul San Pedro. PDC Liaison Director Ronald Luis Goseco served as the Master of Ceremonies.

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