AMLA LAW RA 9160, 9194, 10167, 10365, 10927, 11521

Purposes: The government aims to:

1. It aims to preserve confidentiality and integrity of bank accounts.

2. Aims to prevent the PH from becoming a money laundering site.
3. We oblige ourselves to cooperate in Transnational investigation and prosecution.

Meaning:
Money laundering is a crime by which proceeds of unlawful acts are transacted, making
them appear to have come from legal sources. (Illegal money in which pinapalabas mo na legal
or malinis).

Stages:.
1. Placement
2. Layering
3. Integration

PREVENTIVE MEASURES it is designed para mahuli agad as early as possible kasi mahirap
hulihin kapag nasa later stages na.
1. Customer Identification (KYC - Know your customer (tinitingnan yung pattern ng cliente),
(Prohibited Accounts)
2. Record Keeping - lahat ng submitted transactions dapat itago within 5 yrs lang.
3. Transaction Reporting - obligado yung institutions na ireport ang certain transactions.
● Covered Transactions - reportable in excess of 500k, 1M, 5M
● Suspicious Transactions - circumstances that makes the transactions
suspicious (7 sila)
● Realty Transactions (RA 11521) - Real properties// in excess of 500k

❖ Covered Persons
➢ Financial Institutions - supervised by BSP (CT)
➢ LRA/RD - Register of Deeds nagrereport ng realty transactions (RT)
➢ Designated Non-Financial Businesses and Professions - entities na hindi
covered ng BSP, IC, SEC na need pa rin magreport (ST)
- Jewelers, dealers of special stones or metals, professionals, company
service providers and CASINOS (RA. 10927).

General Rule: reportable kapag in excess of 500k transactions

EXCEPT:: kapag jewelers, dealers of precious metals or stones, reportable if in excess
of 1M, kapag CASINOS, in excess of 5M.
AMLC - 3 Persons (BSP, IC, SEC)
- Has 10 powers under the law

Pinaka Highlight ng powers:

1. They can file criminal cases.
2. It has the power to initiate forfeiture cases (lahat ng proceeds ng illegal activity ay
babawiin ng government)
3. The power of bank inquiry (the council will look at the bank deposits or investments) and
freeze orders (stop the movement of monetary instruments or property na related sa
illegal activities). Dapat may court order before gawin ang bank inquiry and freeze
orders. However there are circumstances na pwede magconduct without court order. (1.
Serious illegal detention, 2. Drug related Crimes 3. Hijacking, destructive arson and
murder, etc.) Freeze Order w/o CO:

During the Election Period, you are not allowed to file a money laundering case, issue freeze
order, and civil forfeiture case against sa mga candidates. (90 days before the election and 30
days thereafter)