BSP Memorandum No. M-2014-033: National Risk Assessment (NRA) Project Data/Information Collection Requirement

Dear Sir/Madam,

The Office of the President issued Memorandum Circular No.64 dated 20 June 2014 entitled “Enjoining All Concerned Agencies to Fully Support and Actively Participate in the Conduct of the Money Laundering/Terrorism Financing (ML/TF) National Risk Assessment (NRA) Through Involvement in the ML/TF Working Group”

The NRA, which is among the Financial Action Task Force Recommendations, is an organized, systematic and inter-agency effort that seeks to identify and evaluate the sources and methods of ML/TF, the weaknesses in the Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) systems and other vulnerabilities that have an impact, either direct or indirect, on the country conducting the assessment. The results of the NRA process will assist authorities in the prioritization and efficient allocation of resources in combating high ML/TF risk areas.

The Bangko Sentral ng Pilipinas (BSP) is part of the NRA Working Group, headed by the Anti-Money Laundering Council (AMLC). As such, the BSP is required to gather necessary data and information from its supervised institutions, which is an important element in identifying, assessing and understanding the money laundering and terrorism financing risks of the country. Respective sub-workign groups were formed to handle specific areas of the NRA.

In this regard, all financial institutions under BSP supervision are required to furnish the data and information, as listed in Annex A, or as required by the relevant NRA sub-working groups, namely, Group 1 – Threat Assessment Group; Group 2 – National Vulnerability; Group 3 – Banking Sector Vulnerability; Group 6 – Other Financial Institutions’ Vulnerability; and Group 8 – Financial Inclusion Products Risk Assessment.


To download a copy of the said Memorandum Circular, please click on this link: BSP Memorandum No. M-2014-033