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ANTI-MONEY
ANTI-MONEY LAUNDERING
LAUNDERING
101
101
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Definitions of
Money Laundering
processing of criminal
processing of criminal
proceeds
proceeds inin order
order to
to
disguise
disguise their
their illegal
illegal
origin
origin
legitimization
of
legitimization
of
proceeds
proceeds of
of specified
specified
unlawful
unlawfulactivity
activity
crime
crime whereby
whereby the
the
proceeds
of
an
proceeds
of
an
unlawful
unlawful activity
activity are
are
transacted
thereby
transacted
thereby
making
them
appear
making them appearto
to
have
originated
from
have originated from
legitimate
sources
legitimate
sources
instrument
instrumentor
or
property
property(MI/P)
(MI/P)
from
froman
anunlawful
unlawful
activity
activity
Transaction/
Transaction/
Attempted
Attempted
transaction
transactionof
of
MI/P
MI/P
Knowledge that
Knowledge that
the
theMI/P
MI/P
represents,
represents,
involves,
involves,or
or
THE ANTI-MONEY
LAUNDERING ACT OF
2001
Covered Institutions
1.
Banks,
non-banks,
quasibanks, trust entities, other
institutions
and
their
subsidiaries
and
affiliates
supervised or regulated by the
Bangko Sentral ng Pilipinas
(BSP);
7
Covered Institutions
2.
Definition of Terms
Covered Transaction
Covered
transaction
a
transaction in cash or other
equivalent monetary instrument
involving a total amount in excess
of Five Hundred Thousand
Pesos (Php500,000.00) within
one (1) banking day.
10
Suspicious Transaction
Suspicious
transaction
a
transaction with a covered
institution, regardless of
the
amount
involved,
where any of the following
circumstances exist(s):
1.No underlying legal
or
trade
obligation,
purpose or economic
justification;
11
Suspicious
Transaction
2. Client is not properly identified;
3. Not commensurate with the business
or financial capacity of the client;
12
Suspicious Transaction
4. Structuring;
5. Deviation
from
profile;
6. Media reports;
the
7. Similar, analogous or
identical to any of the
foregoing.
13
for ransom
2.Drug Trafficking and
other violations of the
Comprehensive
Dangerous Drugs Act of
17
4.
5.
6.
7.
Unlawful activity
(a.k.a. predicate
offense
8.
9.
10.Smuggling
under RA Nos.
455 & 1937
11.Violations
of Electronic
Commerce Act of 2000
(R.A. No. 8792)
19
20
14.
Fraudulent
practices
and
other
violations
under
the
Securities
Regulation Code
of 2000 (RA 8799)
Felonies
or
offenses
of
a
similar
nature
that
are
punishable under
21
Money Laundering
Offenses / Penalties
Knowingly transacting or
attempting to transact any
monetary
instrument
or
property
(MI/P)
which
represents,
involves
or
relates to the proceeds of
any unlawful activity (UA)
(The money launderer
himself)
Penalty
. 7 to 14 years imprisonment
. Fine: not less than P 3
Million but not more than 2x
the value of the MI/P
1.
22
Money Laundering
Offenses / Penalties
Knowingly
performing
or
failing to perform an act in
relation to any MI/P involving
the proceeds of any UA as a
result of which he facilitated
the
offense
of
money
laundering
(The
person
who assists the money
launderer)
Penalty
. 4 to 7 years imprisonment
. Fine:
not less than P1.5
2.
23
Money Laundering
Offenses / Penalties
3.
24
Maintained
and
safely
stored for five (5) years
from
date
of
transaction/closure.
Penalty
6
months to 1 year
imprisonment
Fine:
not
less
than
P100,000.00 but not more
25
Offender
is
a
corporation,
association,
partnership or any
juridical person
Penalty imposed
upon responsible
officers
who
participated in, or
allowed by their
gross negligence
27
Offender is a juridical
person - court may
suspend or revoke its
license.
28
3. For breach of
confidentiality
Covered institutions and their officers
and employees are prohibited from:
communicating directly or indirectly,
in any manner or by any means,
to any person or entity, the media,
the fact that a covered or suspicious
transaction report was made, the
contents thereof, or any other
information in relation thereto.
Neither may such reporting be published or
aired in any manner or form by the mass
media,
30
electronic mail or other similar devices.
Penalty
3 to 8 years imprisonment
and a fine of not less than
P500,000.00 but not more
than P1.0 Million.
concerned
officer
and
employee of the covered
institution and media (the
responsible
reporter,
writer,
president,
publisher, manager and
editor-in-chief) shall be
31
THE ANTI-MONEY
LAUNDERING COUNCIL
OF THE PHILIPPINES
(AMLC)
The Philippines Financial Intelligence
Unit
32
Composition
1. The BSP Governor
Chairman
as
as
3. The IC Commissioner
Member
as
33
AMLC Secretariat
Executive Director
Technical Staff
Compliance and
Investigation Group
Legal Evaluation
Group
Information
Management and
Analysis Group
Administrative and
Finance Group
34
Functions of the
AMLC
(1) to require
submission of
and receive
covered or
suspicious
transaction
reports from
covered
institutions
(Secs 7[1] &
9[c].
35
Functions of the
AMLC
(2)
36
Functions of the
AMLC
(3)
(4)
to
institute
civil
forfeiture proceedings
and all other remedial
proceedings
through
the
Office
of
the
Solicitor General.
to cause the filing of
complaints with the
Department of Justice
or the Ombudsman for
the
prosecution
of
money
laundering
37
Functions of the
AMLC
(5) to
investigate
suspicious
transactions
and
covered
transactions
deemed
suspicious
after
an
investigation by AMLC, money
laundering activities, and other
violations of this Act.
38
Functions of the
AMLC
(6) to apply before the Court of
Appeals, ex parte, for the
freezing of any monetary
instrument
or
property
alleged to be the proceeds of
any unlawful activity as
defined
in
Section
3(i)
hereof.
39
What can be
frozen?
Monetary Instruments
Coins, currency of legal tender,
drafts, checks, notes, securities,
negotiable
instruments,
bonds,
commercial
papers,
deposit
certificates,
trust
certificates,
transaction tickets, confirmation of
sale or investments, money market
instruments,
other
similar
instruments where title thereto
passes to another by endorsement,
40
What can be
frozen?
What can be
frozen?
Functions of the
AMLC
(7) to implement such measures as
may be necessary and justified
under this Act to counteract
money laundering.
(8) to receive and take action in
respect of, any request from
foreign states for assistance in
their own anti-money laundering
operations provided in this Act.
43
Functions of the
AMLC
(9) to
develop
educational
programs
on
the
pernicious effects of
money
laundering,
the methods and
techniques used in
money
laundering,
the viable means of
preventing
money
laundering and the
effective
ways
of
44
Functions of the
AMLC
(10)to enlist the assistance of any
branch, department, bureau, office,
agency or instrumentality of the
government, including governmentowned and controlled corporations,
in undertaking any and all antimoney laundering operations, which
may include the use of its personnel,
facilities and resources for the more
resolute prevention, detection and
investigation of money laundering
offenses
and
prosecution
of
45
Functions of the
AMLC
(11) to impose administrative
sanctions for the violation
of laws, rules, regulations
and
orders
and
resolutions
issued
pursuant thereto.
46
Court Order
the rest of the
predicate crimes
under Sec.
3 (i)
48
Bangko Sentral ng
Pilipinas (BSP)
To ensure compliance with this Act,
the Bangko Sentral ng Pilipinas
(BSP) may inquire into or examine
any deposit or investment with
any banking institution or nonbank financial institution when
the examination is made in the
course of a periodic or special
examination, in accordance with
the rules of examination of the
BSP.
49
Freezing of Monetary
Instrument or
Property
Duty of Covered
Institutions Upon Receipt
of Freeze Order
Immediately
freeze
the
monetary
instrument or property and related web
of accounts;
Within 24 hours, Covered Institutions
(CIs) shall submit to the Court of Appeals
and the AMLC, by personal delivery, a
detailed written return on the freeze
order
Account numbers
Name(s) of account holders
Amount
51
Extension of the
Freeze Order
52
53
Customer Identification /
Know Your Customer (KYC)
One (1) valid photo-bearing ID
issued by an official authority.
Maintain accounts only in the true
and full name of the account owner
or holder.
Not allow opening and creation of
new accounts without face-to-face
contact and full compliance with the
requirements
on
minimum
information/
documents,
for
individual customers.
54
INDIVIDUAL CUSTOMERS
Covered institutions shall require individual
customers to produce:
1.
55
INDIVIDUAL CUSTOMERS
Minimum information/documents
required:
Name
Present address
Permanent address
Date and place of birth
Nationality
Nature of work and name of employer or nature of
self-employment/business
Contact numbers
TIN, SSS No., GSIS No.
Specimen signature
Source of fund(s), and
56
Names of beneficiaries in case of insurance
contracts
and whenever applicable.
1.
2.
3.
Articles of Incorporation/Partnership
By-laws
Official address/principal business address
List of directors/partners
List of principal stockholders owning at least 2% of
the capital stock
Contact numbers
Beneficial owners, if any; and
Verification of the authority and identification of the
person purporting to act on behalf of the client.
58
59
Government
Philippines;
of
the
Republic
ii.
Its
political
instrumentalities;
iii.
Government-owned
and/or
corporations (GOCCs); and
subdivisions
of
the
and
controlled
60
Seamans Book
Alien Certification of Registration/Immigrant Certificate
of Registration
Government Office and GOCC ID e.g. Armed Forces of the
Philippines (AFP), Home Development Mutual Fund (HDMF)
Certification from the National Council for the Welfare of
Disabled Persons (NCWDP)
Department of Social Welfare and Development (DSWD)
Certification
Integrated Bar of the Philippines ID
Company issued by private entities or institutions
registered with or supervised or regulated either by the
BSP, SEC or IC
62
RECORD-KEEPING
REQUIREMENTS
Ensure confidentiality
64
RECORD-KEEPING
REQUIREMENTS
Money laundering case filed in court retain until case has been finally
resolved or terminated by the
court.
Transaction determined to be
both a covered transaction and a
suspicious transaction = report
the
same
as
a
suspicious
transaction
66
67
When
reporting
covered
or
suspicious transactions to the
AMLC, covered institutions and
their officers and employees
shall not be deemed to have
violated Republic Act No. 1405, as
amended, Republic Act No. 6426, as
amended, Republic Act No. 8791 and
other similar laws. [Sec. 4(c) of the
AMLA, as amended and X807.5, BSP
68