Document background
The Transaction Screening Assessment is a critical document required for financial institutions and regulated entities operating in the Philippines to evaluate their transaction monitoring and screening capabilities. It is typically prepared when organizations need to assess their compliance with BSP Circular 706, the Anti-Money Laundering Act, and other relevant Philippine regulations, or when implementing new screening systems. The assessment provides a detailed examination of current practices, technological infrastructure, and control mechanisms, helping organizations identify potential gaps in their transaction screening processes and implement necessary improvements. This document is particularly important in the context of increasing regulatory scrutiny in the Philippines and the need to align with international financial crime prevention standards.
