Escolar Documentos
Profissional Documentos
Cultura Documentos
Covered Institutions:
(2) insurance companies, pre-need companies and all other persons supervised or
regulated by the Insurance Commission (IC);
(3) (i) securities dealers, brokers, salesmen, investment houses and other similar
persons managing securities or rendering services as investment agent, advisor, or
consultant, (ii) mutual funds, close-end investment companies, common trust funds,
and other similar persons, and (iii) other entities administering or otherwise dealing
in currency, commodities or financial derivatives based thereon, valuable objects,
cash substitutes and other similar monetary instruments or property supervised or
regulated by the Securities and Exchange Commission (SEC);
(5) jewelry dealers in precious stones, who, as a business, trade in precious stones,
for transactions in excess of One million pesos (P1,000,000.00);
(6) 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;
and
Covered Transactions:
Transactions in case or other equivalent monetary instruments involving a total
amount in
excess of Php 500,000 within one banking day
Establish and record the true identity of their clients based on official
documents.
In case of individual clients, maintain a system of verifying the true identity
of their clients.
In case of corporate clients, require a system verifying their legal existence
and organizational structure, as well as the authority and identification of all
persons purporting to act in their behalf.
Establish appropriate systems and methods based on internationally
compliant standards and adequate internal controls for verifying and
recording the true and full identify of their customers.
Suspicious Transactions:
Transactions with covered institutions, regardless of the amounts involved, where
any of the
following circumstances exist:
1. There is no underlying legal or trade obligation, purpose or economic
justification
2. The client is not properly identified
3. The amount involved is not commensurate with the business or financial
capacity of the
client
4. Taking into account all known circumstances, it may be perceived that the
clients
transaction is structured in order to avoid being the subject of reporting
requirements
under this Act
5. Any circumstances relating to the transaction which is observed to deviate from
the profile of the client and/or the clients past transactions with the covered
institution
6. The transaction is in any way related to an unlawful activity or offense under this
Act that is
about to be, or is being, or has been committed
7. Any transaction that is similar or analogous to any of the foregoing.
What is the Anti-Money Laundering Council (AMLC)? What are its powers?
The AMLC is the Philippines financial intelligence unit, which is tasked to implement
the AMLA. It is composed of the Governor of the Bangko Sentral ng Pilipinas (BSP)
as Chairman & the Commissioner of the Insurance Commission (IC) and the
Chairman of the Securities and Exchange Commission (SEC) as members. The AMLC
is authorized to:
Require and receive covered or suspicious transaction reports from covered
institutions.
Issue orders to determine the true identity of the owner of any monetary
instrument or property that is the subject of a covered or suspicious
transaction report, and to request the assistance of a foreign country if the
Council believes it is necessary.
Institute civil forfeiture and all other remedial proceedings through the Office
of the Solicitor General.
Cause the filing of complaints with the Department of Justice or the
Ombudsman for the prosecution of money laundering offenses.
Prepared by: Bacani, Cecilia F.
Presenter: Dogwe, Vrenel
Freezing Rules:
1. AMLC, through OSG, may file ex parte with CA a verified petition for a
freeze order on any monetary instruments, property or proceeds relating
to the unlawful activity
2. All members of division of CA to which assigned justice belongs must act
on the petition within 24 hours.
3. Freeze order shall be issued ex parte upon a finding of a probable cause
that the subject property is related to an unlawful activity.
Freeze order shall be effective immediately for 20 days and may be
extended for a period not exceeding 6 months on motion of the petitioner.
4. Notice of the Freeze order shall be served upon the respondent or any
person acting in his behalf and such covered institution or government
agency concerned.
5. Upon receipt of the freeze order, the respondent, covered institution or
government agency shall immediately desist from and not allow any
transaction, withdrawal, deposit or transfer, removal conversion of the
account representing the subject monetary instrument, property or
proceeds.
6. After the post-issuance hearing required, the court shall remand the case
and transmit the records to RTC for consolidation with the pending civil
forfeiture proceedings.
7. Any party aggrieved by the decision or ruling may appeal to the Supreme
Court under Rule 45 of the rules of Court which shall not stay the
enforcement of the final order unless the SC direct otherwise.