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Amla

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ANTI-MONEY LAUNDERING LAW
(RA 10365)
Money Laundering: proceeds of unlawful activity making
them appear to originate from lawful source
PURPOSE
to protect and preserve integrity and
confidentiality of bank accounts
to ensure that PH shall not be used as money
laundering site for proceeds of unlawful acts
PUNISHABLE ACTS AS MONEY LAUNDERING
transacts said property or proceeds
converts/transfers/uses said proceeds
conceals/disguises true nature/source/ location
of proceeds
attempt/conspire to commit first 3 acts
assists/aids to first 3 acts
performs/fails to perform any act as result of w/c
he facilitates first 3 acts
fails to report malicious transaction by bank
officers or covered persons
REPORTABLE TRANSACTIONS TO AMLC
1) Covered Transaction breached the threshold
2) Suspicious Transaction no breach but still to be
reported because suspicious
COVERED TRANSACTIONS
Transaction > P500,000
Transaction > P1M (jewelry dealers, dealers in
precious metals and stones)
Single Casino cash transaction involving an
amount of in excess of P5M
SUSPICIOUS TRANSACTIONS
No legal or economic justification
Unidentified client
Not commensurate w/ client’s finl capacity
Structured to avoid being subjected to reporting
Observed to deviate from profile of client
Related to an unlawful activity or any money
laundering activity or offense
Similar, analogous/identical to any above
COVERED PERSONS (natural or juridical persons)
BSP
INSURANCE
COMMISSION
OTHERS
- banks
- non-banks
- quasi-banks
- trust entities
- pawnshops
- remittance co.
- FOREX dealers
- money changers
- insurance co
- agent/broker
- holding co.
- reinsurers
- covered
dealers > 1M
- casino
transact > 5M
- Land Reg.
Authority>500k
- service
providers
SEC
- dealer/broker
- inv. houses
- mutual funds

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ANTI-MONEY LAUNDERING LAW (RA 10365) Money Laundering: proceeds of unlawful activity making them appear to originate from lawful source PURPOSE ✓ to protect and preserve integrity and confidentiality of bank accounts ✓ to ensure that PH shall not be used as money laundering site for proceeds of unlawful acts PUNISHABLE ACTS AS MONEY LAUNDERING ✓ transacts said property or proceeds ✓ converts/transfers/uses said proceeds ✓ conceals/disguises true nature/source/ location of proceeds ✓ attempt/conspire to commit first 3 acts ✓ assists/aids to first 3 acts ✓ performs/fails to perfo ...
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