ANTI-MONEY LAUNDERING ACT OF 2001
Suspicious Transaction
MONEY LAUNDERING
An act or series or combination of
acts whereby proceeds of an
unlawful activity, whether in cash,
property or other assets, are
converted, concealed or disguised
to make them appear to have
originated from legitimate sources
BSP Covered Persons
 Banks;
 Offshore banking units;
 Quasi-banks;
 Trust entities;
 Non-stock savings and loan
associations;
 Pawnshops;
 Foreign exchange dealers;
 Money changers;
 Money remittance or transfer
companies;
 Electronic money issuers; and
 All other persons and their
subsidiaries and affiliates
supervised or regulated by the
BSP.
1. No underlying legal or trade obligation, purpose or
economic justification
Covered Transactions 2. Client is not properly identified
1. Transaction in cash or other 3. Amount involved does not commensurate with the
equivalent monetary instrument business or financial capacity of the client
> Php 500,000 4. Client’s transaction is structured in order to avoid
2. Transaction > Php 1,000,000 in being the subject of reporting requirements
case of jewelry dealers, dealers in 5. Circumstances observed to deviate from the profile of
precious metals and dealers in the client and/or he client’s past transaction with the
precious stones covered institution
3. Single casino cash transaction > 6. Transactions related to an unlawful activity or offense
Php 5,000,000 or its equivalent in is about to be or has been committed
any other foreign currency 7. Any transactions similar to any of the foregoing
SEC Covered Persons Insurance Commission Covered Persons
 Securities dealers, brokers, salesmen,  Insurance companies;
investment houses and other similar  Pre-need companies;
persons managing securities or  Insurance agents;
rendering services as investment agent,  Insurance brokers;
advisor, or consultant;  Professional reinsurers;
 Mutual funds, close-end investment  Reinsurance brokers;
companies, common trust funds, and  Holding companies;
other similar persons; and  Holding company systems;
 Other entities administering or  Mutual benefit associations; and
otherwise dealing in currency,  All other persons and their subsidiaries and
commodities or financial derivatives affiliates supervised or regulated by the IC.
based thereon, valuable objects, cash
substitutes and other similar monetary
instruments or property supervised or
regulated by the SEC.

ANTI-MONEY LAUNDERING ACT OF 2001
Designated Non-Financial Businesses and
Professions (DNFBPs)
A. Jewelry dealers in precious metals, who, as a
business, trade in precious metals;
B. Jewelry dealers in precious stones, who, as a
business, trade in precious stones;
C. Company service providers which, as a business,
provide any of the following services to third
parties
I. Acting as a formation agent of juridical
persons;
II. Acting as (or arranging for another person to
act as) a director or corporate secretary of a
company, a partner of a partnership, or a
similar position in relation to other juridical
persons;
III. Providing a registered office, business address
or accommodation, correspondence or
administrative address for a company, a
partnership or any other legal person or
arrangement; and
IV. Acting as (or arranging for another person to
act as) a nominee shareholder for another person
D. Persons who provide any of the following
services:
I. Managing of client money, securities or other
assets;
II. Management of bank, savings or securities
accounts;
III. Organization of contributions for the creation,
operation or management of companies; and
IV. Creation, operation or management of
juridical persons or arrangements, and buying
and selling business entities.
UNLAWFUL ACTIVITY
1. Kidnapping for ransom
2. Comprehensive Dangerous Drugs Act of 2002
3. Anti-Graft and Corrupt Practices Act
4. Plunder
5. Robbery and Extortion
6. Jueteng and masiao punished as illegal gambling
7. Piracy on the high seas
8. Qualified theft
9. Swindling
10. Smuggling
11. Violations of Electronic Commerce Act of 2000
12. Hijacking; destructive arson and murder
13. Terrorism and conspiracy to commit terrorism
14. Financing of terrorism
15. Bribery and Corruption of Public Officers
16. Frauds and Illegal Exactions and Transactions
17. Malversation of Public Funds and Property
18. Forgeries and Counterfeiting ‘
19. Violations of Anti-Trafficking in Persons Act of 2003
20. Violations of Revised Forestry Code of the Philippines
21. Violations of the Philippine Fisheries Code of 1998
22. Violations of Philippine Mining Act of 2005
23. Violations of Wildlife Resources Conservation and
Protection Act
24. Violations of National Caves and Cave Resources
Management Protection Act
25. Violations of Anti-Carnapping Act of 2002
26. Illegal Possession of Firearms
27. Violations of Anti-Fencing Law
28. Violations of Migrant Workers and Overseas Filipinos Act
of 1995
29. Violations of Intellectual Property Code of the Philippines
30. Violations of Anti-Photo and Video Voyeurism Act of 2009
31. Violations of Anti-Child Pornography Act of 2009
32. Violations of Special Protection against Abuse,
Exploitation and Discrimination
33. Fraudulent Practices and Violations of the Securities
Regulation Code of 2000
34. Felonies or offenses of a similar nature that are punishable
under the penal laws of other countries
ANTI-MONEY LAUNDERING ACT OF 2001
AMLC
BSP
Governor
SEC IC
Chairperson Commissioner
CUSTOMER DUE
DILIGENCE
 Client’s true identity shall be
established and recorded based
on official documents
 “Face-to-face contact at the
commencement of relationship
Prohibited accounts:
 Anonymous accounts
 Accounts under fictitious
names
 Numbered accounts (except
non-checking numbered accts
AMLC Secretariat
RECORD KEEPING
 Maintain and safely store all
records of all transactions for
5 years from transaction date
 Records/files contain full and
true identity of the
owners/holders of the accounts
 Ensure confidentiality
 Closed accounts - preserve and
safely store records for at least
5 years from closure dates.
 Money laundering case filed in
court - retain until case has
been finally resolved or
terminated by the court.
 Retain records as originals in
such forms as are admissible in
court.
Executive Director
Technical Staff
Compliance and Legal Evaluation
Investigation Group Group
Information Administrative and
Management and Finance Group
Analysis Group
REPORTING
 Covered transaction
5 working days from occurrence
 Suspicious transactions
5 working days from date of determination
of the suspicious nature of transaction which
determination should be made not exceeding
10 calendar days from the date of
transaction
*However, if related to unlawful activity, the 10-
day period shall be reckoned from the date the
covered person knew or should have known of
the suspicious transaction indicator
AMLC may prescribe a longer period but should
not exceed 15 working days from occurrence of
both transactions.
ANTI-MONEY LAUNDERING ACT OF 2001

Money Laundering Cases - JURISDICTION

Sandiganbayan Regional Trial Court

 Public officers under its  Private individuals
jurisdiction  Public officers not
 Private persons who covered by
conspired with public Sandiganbayan’s
officers jurisdiction
Prosecution of money laundering and unlawful activity shall
proceed independently.

ASSET FORFEITURE
For probable cause that the asset is related to an unlawful activity
or money laundering
 Civil forfeiture upon filing of AMLC with RTC thru Office of the
Solicitor General
 No need of prior criminal charge, pendency of or conviction Upon conviction for money laundering
necessary  Forfeiture in favour of government