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Commercial Law Review


Source: Cesar Villanuevas Commercial Law structured in order to avoid being

Reviewer subject of reporting requirements;
Any circumstance relating to
1. Declaration of Policies of R.A. No. 9194 transaction observed to deviate

and 10365 from clients profile and/or clients

a. Protect and preserve the integrity and past transactions with covered
confidentiality of bank accounts and to institution;
ensure that the Philippines shall not be Transaction is in any way related

used as a money laundering site for the to an unlawful activity or offense

proceeds of any unlawful activity. under the Act that is about to be,
b. Consistent with its foreign policy, the is being, or has been committed;
State shall extend cooperation in or
transnational investigations and Similar or analogous transactions.

prosecutions of persons involved in money

laundering activities wherever 3. Covered Institutions

committed. a. Banks, non-banks, quasi-banks, trust

entities, foreign exchange dealers,

2. Covered Transactions pawnshops, money changers,

a. Threshold Transactions remittance and transfer companies
Transactions in case or other equivalent and other similar entities and all other
monetary instrument in excess of persons and their subsidiaries and
P500,000.00, within one (1) banking affiliates supervised or regulated by the

day. BSP;
b. Suspicious Transactions b. Insurance companies, pre-need

Transactions with covered institutions, companies and all other persons

regardless of the amount involved, where supervised or regulated by the Insurance

any of the following circumstances exist: Commission (IC);
No underlying legal or trade c. SEC supervised/ regulated: securities
obligation, purpose or economic dealers, brokers, salesmen, investment
justification; houses and other similar persons
Client not properly identified; managing securities or rendering services
Amount involved not as investment agent, advisor, or
commensurate with clients consultant, (ii) mutual funds, close-end
business or financial capacity; investment companies, common trust
Based on all known funds, and other similar persons, and (iii)
circumstances, it may be perceived other entities administering or otherwise
that clients transaction is dealing in currency, commodities or
Commercial Law Review

financial derivatives based thereon, iii. organization of contributions for the

valuable objects, cash substitutes and creation, operation or management
other similar monetary instruments or of companies; and
property supervised or regulated by the iv. creation, operation or management
Securities and Exchange Commission of juridical persons or arrangements,
(SEC); and buying and selling business
d. Jewelry dealers in precious entities.
metals/precious stones, who, as a However: Covered persons shall
business, trade in precious exclude lawyers and accountants acting as
metals/precious stones, for transactions independent legal professionals in relation
in excess of One million pesos to information concerning their clients or
(P1,000,000.00); where disclosure of information would
e. Company service providers which, as compromise client confidence or the
a business, provide any of the following attorney client relationship.
services to third parties: (i) acting as a
formation agent of juridical persons; (ii) 4. Obligations of Covered Institutions
acting as (or arranging for another a. Establish and record the true identity of
person to act as) a director or corporate its clients based on official documents.
secretary of a company, a partner of a They shall maintain a system of
partnership, or a similar position in verifying the true identity of their clients
relation to other juridical persons; (iii) and, in case of corporate clients, require
providing a registered office, business a system of verifying their legal
address or accommodation, existence and organizational structure,
correspondence or administrative address as well as the authority and
for a company, a partnership or any other identification of all persons purporting to
legal person or arrangement; and (iv) act on their behalf.
acting as (or arranging for another b. Keep record for 5 years;
c. Report to the AMLC all covered and
person to act as) a nominee shareholder
suspicious transactions within 5 working
for another person; and
f. Persons who provide any of the days from the occurrence unless the

following services: AMLC prescribes a different period not

i. managing of client money, securities exceeding fifteen (15) working days;
or other assets; d.
ii. management of bank, savings or 5.

securities accounts;