AMLC investigates banks for STR violations in POGO case

The Anti-Money Laundering Council (AMLC) has initiated enforcement action proceedings against banks linked to dismissed Bamban, Tarlac Mayor Alice Guo.

Senator Grace Poe disclosed during Senate budget deliberations that AMLC is investigating whether these banks violated the requirement to file suspicious transaction reports (STRs), with potential fines ranging from P250,000 to P500,000 per transaction and up to P10 million to P20 million in total.

AMLC's investigation highlights potential connivance between local bank representatives and covered individuals in failing to report suspicious activities related to POGO operations in Bamban, with the council seeking additional funding for an AI system to improve detection of such transactions.

Senator Poe emphasized that criminal liability under AMLA may also apply if officers are found to have knowingly facilitated money laundering.

Guo is currently facing 87 counts of money laundering filed by various government agencies before the Department of Justice.