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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 fin’l 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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