AMLA Flashcards
inserting dirty money into legitimate financial institution
Placement
sending money through various financial transactions to change its form and make it ore difficult to follow.
Layering
reentering into the mainstream economy
Integration
covered entities
covered by BSP:
banks and the likes (pawnshops and trust entities
covered by Insurance Commission
insurance agents, brokers, HOLDING company
securities dealers…..
mutual funds or open end investment
Jewelry dealers for transactions in excess of 1M
Land registration price exceeding 500k
foreign exchange
casino
incorporated company with no assets and does not perform any significant operations
shell company
record keeping of covered transactions
clue: money is 5 letters
5 yrs from date of transaction
safe harbor
you know this na
Covered transactions are reported within _____
Suspicious transactions are reported within ______
5 WORKING days FROM OCCURRENCE
the next WORKING day from occurrence
Covered transactions are those
GR: more than 500k within one banking day- cash or equivalent monetary instrument
EXC:
casino: more than 5M- cash transaction (peso or foreign equivalent)
real estate: 7.5M cash transaction (peso or foreign equivalent
Suspicious Transactions
Exception to asset forfeiture
A candidate for an electoral office
during an election period.
Prohibited Accounts
Absolute prohibition:
Anonymous and those under fictitious name
numbered accounts except nonchecking numbered accounts
Freezing of monetary instrument or property
The CA, upon application ex parte by AMLC and after determination that probable cause exists, may issue freeze order effective IMMEDIATELY (for a period of 20 days unless extended)
- MAX period is 6 months; the freeze order shall deemed ipso facto lifted
No court shall issue TRO or writ of injunction against freeze order except
CA or SC
within ____ days, the CA shall conduct a summary hearing
20 days
