Anti-Money Laundering Council(AMLCS)

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Date: July 17, 2021, 11:21 a.m.

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Date: 2021-08-05 14:31:10.000000

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Is Forex Trading Subject for AMLA?

Published by Anti-Money Laundering Council(AMLCS) on July 17, 2021.
Requested from AMLC by A. Pedroso at 11:21 AM on July 17, 2021.
Purpose: To gain knowledge whether foreign exchange trading is against AMLA
Date of Coverage: 07/17/2021 - 07/17/2021
Tracking no: #AMLCS-541680607694

K.GO July 17, 2021, 11:21 a.m.

Hello, I just want to know if Foreign Exchange trading as source of fund violates AMLA. Basically a person residing in the PH, uses a foreign registered trading broker, like eToro, Binance, and other trading platforms. Is this against AMLA? Kind regards, Kerwin Go

F.OFFICER Aug. 5, 2021, 2:31 p.m.

August 5, 2021 Dear Kerwin Davis, Thank you for your request dated Jul 17, 2021 11:21:41 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Is Forex Trading Subject for AMLA?. We received your request on Jul 17, 2021 11:21:41 AM and will respond on or before Aug 06, 2021 11:21:41 AM, in accordance with the Executive Order's implementing rules and regulations. Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHwsSB0NvbnRlbnQiEkFNTENTLTU0MTY4MDYwNzY5NAw, for request with ticket number #AMLCS-541680607694. Thank you. Respectfully, FOI Receiving Officer FOI Officer

A.DECISION MAKER Aug. 5, 2021, 2:32 p.m.

August 5, 2021 Dear Mr. Go Thank you for your request dated 17 July 2021 under Executive Order No. 2 (S. 2016) on Freedom of Information in the Executive Branch. Your request/query is: “I just want to know if Foreign Exchange Trading as source of fund violates AMLA. Basically a person residing in the PH, uses a foreign registered trading broker, like eToro, Binance, and other trading platforms. Is this against AMLA?” Based on the circumstances you stated in the above FOI query, it is suggested that you refer your FOI request to the Securities and Exchange Commission (SEC) since it is in a better position to provide clarification. While foreign exchange trading by itself is not considered a predicate offense to money laundering, yet based on the example provided, trading through a broker will fall within the coverage of the Securities Regulation Code, the violation of which is considered an unlawful activity under the AMLA, as amended. Please also note that in an advisory dated 30 October 2018, the SEC advised the public to stop engaging in foreign exchange trading and to stop investing in foreign-registered investment platforms of commodity futures and the like. We hope we have been of assistance. Very truly yours, ALVIN L. BERMIDO FOI-Decision Maker AMLC Secretariat

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