Professional Documents
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SYLLABUS
REGULATORY FRAMEWORK for BUSINESS
TRANSACTIONS
Effective
AMLA
The
Law
Intellectual
Property Law
AMLA Law
Covered transactions
Suspicious transactions
Reportorial Requirement
Conservatorship
Anti-Money Laundering
Act of 2001
(Republic Act No. 9160, as amended by
Republic Act Nos. 9194 and 10365)
February
AMLA Law
Combat money laundering
Imposes requirements on customer identification
Record keeping
Reporting of covered and suspicious transactions
Relaxes strict bank deposit secrecy laws
Provides for freezing/seizure/forfeiture/recovery of
dirty money/property
For international
cooperation
MONEY LAUNDERING
(Section 4, R.A. No. 10365)
(3)
Unlawful
(1) Kidnapping
(17) Malversation of
Public Funds and
Property under
Articles 217 and
222 of the Revised
Penal Code, as
amended;
OFFENSES IN MONEY
LAUNDERING
(a) Transacts said monetary instrument
or property
(b) converts, transfers, disposes of,
moves, acquires, possesses or uses
said monetary instrument or
property
OFFENSES IN MONEY
LAUNDERING
(c) conceals or disguises the true nature, source
location, disposition, movement or ownership
of or rights with respect to said monetary
instrument or property
(d) attempts or conspires to commit money
laundering offenses referred to in paragraphs
(a), (b) or (c);
OFFENSES IN MONEY
LAUNDERING
(e) aids, abets, assists in or counsels the
commission of the money laundering offenses
referred to in paragraphs (a), (b) or (c)
above;
and
(f) performs or fails to perform any act as a result of
which he facilitates the offense of money
laundering referred to in paragraphs (a), (b) or (c)
above.
OFFENSES IN MONEY
LAUNDERING
(g) When a covered person who, knowing
that a covered or suspicious
transaction is required under this Act
to be reported to the Anti-Money
Laundering Council (AMLC), fails to do
so.
COVERED PERSONS
(Section 1[a], RA No. 10365)
Securities
dealers,
brokers,
salesmen,
investment houses and other similar persons
managing securities or rendering services as
investment agent, advisor, or consultant
Mutual
funds,
close-end
investment
companies, common trust funds, and other
similar persons
Others
Others
a.
b.
which
as
Others
c. providing a registered office, business
address or accommodation for a
company, partnership or any other legal
person
d. Acting as a nominee shareholder for
another person
Others
any
of
the
Others
c. Organization of contributions for the creation,
operation or management of companies;
d. creation, operation or management of
juridical persons or arrangements, and buying
and selling business entities.
Covered Transactions
SUSPICIOUS
Transactions with covered
institutions, regardless of
TRANSACTIONS
the amounts involved, where any of the following
circumstances exist:
SUSPICIOUS
TRANSACTIONS
3. The amount involved
is not commensurate with
the business or financial capacity of the client;
SUSPICIOUS
5. Any circumstanceTRANSACTIONS
relating to the transaction
which is observed to deviate from the profile
of the client and/or the clients past
with the covered institution;
transactions
7.
SUSPICIOUS
TRANSACTIONS
Any transaction that is similar or analogous
to
any
of
the
foregoing.
(Rule 3.b.1, revised IRR, R.A. No. 9160,
as amended by R.A. No. 9164)
Reportorial
Requirements
AMLA
Reportorial
Requirements
AMLA
Lawyers and accountants acting as independent
legal professionals
Lawyers and accountants acting as independent
legal professionals are not required to report
covered and suspicious transactions if the relevant
information was obtained in circumstances where
they are subject to professional secrecy or legal
professional privilege.