ABCOMP was constituted as a sub-committee of the Operations Committee of the Bankers Association of the Philippines (BAP). ABCOMP's President sits as a n ex-officio member of the BAP Operations Committee. In February 2005, ABCOMP received a commendation from the Anti-Money Laundering Council Secretariat for vigorously working on the implementation of anti-money laundering reforms in the Philippine
s. The commendation further stated that without ABCOMP's unwavering support to the AMLC's effort in fighting money laundering and terrorist financing, the Philippines' removal from the FATF's NCCT list would not have been possible. Compliance Officers take lead in the effective implementation of the following undertakings in their respective banks:
a. Compliance Program;
b. Anti-Money Laundering Program; and
c. Corporate Governance
d. Foreign Account Tax Compliance Act (FATCA)
In September 2009, ABCOMP developed the Certificate Course in Strategic Compliance for the Banking Industry in partnership with De La Salle University, a leading educational center of excellence which is now part of the ASEAN
University Network. The 8-day course provides a general overview of the compliance function in banks, introduces key compliance principles and
frameworks, and dwells on the specific laws, rules, and standards that affect the banking industry in the Philippines. In 2013, ABCOMP signed the Integrity Pledge, thereby becoming part of the Integrity Consortium (ICON), supporting its Integrity Initiatives. ICON is made up of business groups, local and foreign chambers of commerce, academic and professional institutions, and civil society groups that want to see a positive change in ethical standards in the country. The heads of these groups have likewise signed the Integrity Pledge,
on behalf of their organizations. In February 2014, ABCOMP created the ABCOMP Anti-Money Laundering Officers Group (ABCOMP – AMLO Group) whose function is to maintain clear and open communication lines with ABCOMP's
membership, as well as with regulatory bodies, to educate identified parties on money laundering and terrorist financing matters, and effectively address issues and concerns related thereto. In April 2014, ABCOMP participated in the working group on Money Laundering/Terrorist Financing National Risk Assessment as initiated by the Philippines' Anti-Money Laundering Council.
