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    1. The AMLC oversees anti-money laundering efforts in the Philippines. It is chaired by the BSP Governor and includes the Insurance Commission and SEC Chairpersons. 2. The AMLC works to prevent money laundering and ensure the Philippines is not used for proceeds from unlawful acts. It covers various financial institutions and high-value industries. 3. Covered entities have obligations around customer identification, record keeping, and reporting transactions over certain thresholds or that appear suspicious to the AMLC. Suspicious transactions must be reported within 5 days, while covered crimes include offenses like kidnapping, drug trafficking, and corruption.

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    AMLA NOTES

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    1. The AMLC oversees anti-money laundering efforts in the Philippines. It is chaired by the BSP Governor and includes the Insurance Commission and SEC Chairpersons. 2. The AMLC works to prevent money laundering and ensure the Philippines is not used for proceeds from unlawful acts. It covers various financial institutions and high-value industries. 3. Covered entities have obligations around customer identification, record keeping, and reporting transactions over certain thresholds or that appear suspicious to the AMLC. Suspicious transactions must be reported within 5 days, while covered crimes include offenses like kidnapping, drug trafficking, and corruption.

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    © All Rights Reserved
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    13 views2 pages

    Amla

    Uploaded by

    Kwinzy Anne remular
    1. The AMLC oversees anti-money laundering efforts in the Philippines. It is chaired by the BSP Governor and includes the Insurance Commission and SEC Chairpersons. 2. The AMLC works to prevent money laundering and ensure the Philippines is not used for proceeds from unlawful acts. It covers various financial institutions and high-value industries. 3. Covered entities have obligations around customer identification, record keeping, and reporting transactions over certain thresholds or that appear suspicious to the AMLC. Suspicious transactions must be reported within 5 days, while covered crimes include offenses like kidnapping, drug trafficking, and corruption.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    AMLA (RA 9160, as amended by RA 9194, 10365 & 11521)

    AMLC:
    1 Chairman: BSP Governor
    2 Members: Insurance Commission
    SEC Chairperson

    To protect & preserve the integrity & confidentiality of bank accounts


    PURPOSE
    To insure that PH shall not be used as a money laundering site for the proceeds of
    unlawful acts

    1 regulated by the BSP


    2 regulated by the SEC
    3 regulated by the Insurance Commission
    4 Securities Dealers
    COVERED 5 Mutual Funds
    PERSON 6 Jewelry (in excess of 1M)
    7 Foreign Exchange
    8 Casinos
    9 Company service providers to 3rd parties including CPAs & Lawyers
    10 Person providing services including CPAs & Lawyers
    11 Real Estate Developers & Brokers
    12 Offshore Gaming Operators & their Service Providers
    *EXCLUDED: Lawyers& CPAs acting as independent legal professionals

    OBLIGATIONS
    1 Customer Identification
    2 Record keeping customer ident. & trans. docs must be kept for 5 years from date of transactions
    3 Safe Harbor
    4 Reportorial Requirements > 500K cash
    > 1M jewelry
    COVERED
    > 5M casino cash transaction
    > 7.5M RED/B cash transaction
    w/n 5 working days
    not exceeding 15 days
    Transactions:
    No legal/economic justification
    Unidentified client
    NOT commensurate w/ fin. Capacity of client
    SUSPICIOUS Structured to avoid being subjected to reporting
    Observed to deviate from the profile of client
    Related to an unlawful activity or ML offense
    w/n the next working
    day from the occurrence Similar, analogous to any of the foregoing

    MONEY LAUNDERING Placement > Layering > Integration


    Making proceeds of unlawful activity to have appeared
    as originated from lawful sources.
     Transacts said property or proceeds
     Converts/transfers/uses said proceeds
     Conceals/disguises its true nature, source, location
     Attempts or conspires to commit ML
     Assist in ML
     Performs or fails to perform any acts as a result of w/c facilatates offense
     failure to REPORT MALICIOUS transactions by bank officers/covered persons

    CRIMES: JURISDICATION
     Kidnapping  Smuggling Regional Trial Court -Private individuals
     Drug-related  Hijacking Sandiganbayan -Public officers & those in
     Graft & Corruption  Terrorism conspiracy w/ them
     Plunder  Child porn PROSECUTION
     Robbery  Prostitution >Independent
     Jueteng Piracy  Illegal Recruitment >Separate & distinct Elements
     Qualified theft  Estafa >Knowledge (direct or circumstantial)
    FREEZE ORDER BANK INQUIRY
    -issued by CA upon probable cause W/ court order:
    effective immediately for w/ probable cause
    a period of 20 days
    Effectivity: Without court order:
    -shall not exceed 6 months  kidnapping
    Petition:  Drug-related
    -w/n 24 hours from filing  Hijacking, arson/murder, & felonies
     Terrorism, conspiracy, & financing terrorism

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