Appropriate regulation of financial products and services; and 3. Initiatives to increase people’s financial education. 4. Financial education is essential for the proper financial inclusion of people that presently have no access to the financial system and, particularly, to a bank account. Financial education gives people basic knowledge and raises awareness for the need to be prudent when accessing and using bank products.
Following the enactment by our legislators of the Anti Money Laundering Act, we have: •  criminalized money laundering  BIS Review 113/2008  1  •  created the Anti-Money Laundering Council as the Philippines’ Financial Intelligence Unit  •  established the mandatory obligations for covered institutions relative to the requirements on customer due diligence, record keeping, and the reporting of covered and suspicious transactions  •  enforced mutual legal assistance and cooperation; and finally,  •  instituted a civil forfeiture system  In addition, the Supervising Authorities have issued circulars and guidelines to covered institutions regarding correspondent banking, politically exposed persons, wire transfers, alternative remittance systems, as well as cross border transportation of currency, and UN Security Council resolutions on designated terrorist individuals and organizations.