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EXCEPT: Lawyers and accountants who render professional advice and who are
bound by clients confidentiality relations provided he/she is allowed to practice
in the Philippines (RA 10365, Feb 15, 2013)
What to report to AMLAC
Section 3B, AMLA
1. Covered Transactions: Transaction in cash within one banking day involving a
total amount of Php 500,000.00 or more;
2. Suspicious transaction- any amount transacted with covered institutions
where any of the following is present:
i) No underlying legal or trade obligation, purpose or economic
justification;
ii) Client is not properly identified;
iii) Amount involved is not commensurate to the financial capacity or
business of the client;
iv) Taking into account all known circumstances, the clients transaction
appears structured to avoid reporting;
v) Any circumstance which DEVIATES from clients profile of transactions
vi) Transaction is related to an unlawful activity which is about to be, is
being, or has been committed; or
vii) Transaction is similar or analogous to any of the foregoing
circumstance
Define monetary instrument? Under Section 3, c. coins or currency of legal tender;
drafts; securities; notes; negotiable instruments
Unlawful activities under AMLA
Section 3 (l)
RA 19365 Enumerates 34 kinds of felonies as unlawful activities reportable to
AMLAC. Enumerate them.
Composition : 3 members
1. BSP Governor as Chairperson
2. Insurance Commissioner; and
3. The Chair of the SEC
How will they act?
Unanimous, not by majority rule
Powers:
1. To require covered persons to report
2. To issue orders to comply
3. To institute civil forfeiture proceedings
4. To cause the filing of appropriate AMLA offense by the DOJ or the
Ombudsman
5. To investigate suspicious and covered transactions deemed suspicious
6. To apply with CA for ex parte freeze order
7. To implement such measures as may be deemed necessary and justified to
counter-act money laundering
8. To receive any action from foreign states relative to requests
9. To impose admin sanctions on covered persons for violation of rules
10.To require the land registration commission to report realty transactions of
Php 500,000.00 or more within 15 days from transfer of titles and for register
of deeds to submit documents or transfer (RA 10365)
Secretariat: headed by an executive director for a term of 5 years; lawyer; 35
years old or more
All members must be with prior 5- year experience in SEC, BSP or Insurance
Commission
AMLA LAW
FCDU Deposits: disputable if to be covered by AMLAC freeze order due to the
enabling acts of 6426 and Unclaimed Balances Act
Foreign corporations has been defined as one, which owes its existence to the
laws of another state, and generally has no legal existence within another state.
Section 123 of the Corporation Code as one formed, organized and existing
under any laws other than those of the Philippines and whose law allow Filipino
citizens and corporations to do business in the Philippines.