In one of its publications, the Philippine Anti-Money Laundering Council (AMLC) has extended the deadline for digitizing customer records (DIGICUR) until September 30, 2022. Furthermore, in a recent report, AMLC reiterated that it would penalize banks, insurance companies, and other concerned institutions that would fail to comply with this requirement. Initially, the guidelines were issued in September 2018 and extended the deadline three times.
According to AMLC, “Failure to fully comply with the DIGICUR by September 30 shall warrant the imposition of enforcement actions such as warning, compliance letter, and notarized compliance commitment following ARI 5, Series of 2020, otherwise known as the enforcement action guidelines (EAG).” AMLC also highlighted that institutions should have digitized at least 50% of their customer records and should be completed by December 31, 2023. Penalties range from Php37,500 to Php375,000 per customer.
So, are you already compliant? We could help.
Tech One Global’s digitization services have been tried and tested by different companies not only in the Philippines but also in other parts of the world. To start, being a Microsoft Gold partner puts Tech One Global on the priority lists of companies for their digitization needs. But what does Tech One Global could really offer you to make your financial services DIGICUR compliant? Read on.
Enadoc: Tech One Global’s state-of-the-art document management system
Enadoc is a document management solution that could handle your company’s most vital document processes like records management, archiving and retrieval, disaster recovery, and event capture and indexing. Today, Enadoc is known by many customers across the globe for its digital transformation. With Tech One Global’s expertise in document management solutions, organizations are guaranteed best-in-class solutions and services from Enadoc.
BOSS: Tech One Global’s flexible outsourced scanning services
Business Outsourced Scanning Services (BOSS) is Tech One Global’s outsourced scanning service for businesses that want to level up their processes through digitizing their documents. Using the best capture solutions available today and a world-class content management solution, centralizing customers’ records has never been as easy as just a few clicks on your computers or mobile devices.
With Tech One Global’s Enadoc and BOSS, digitizing previous and current documents could help you comply with DIGICUR and improve your processes by making document archiving and retrieval more accessible, faster, and efficient.
To know more about how we could help you with your AMLC compliance needs, click here.
