AMLA Flashcards
Money laundering
is committed by any person who, knowing that any monetary instrument or
property represents, involves, or relates to the proceeds of any unlawful activity of:
• Transacting or attempting to transact money laundering
• Facilitating money laundering
• Failure to report
Modes of Money Laundering
- Mix with legitimate funds
- Use for legitimate purpose/s
- Invest in legitimate business/es
Special powers of Anti-Money Laundering Council (AMLC)
- Inquiry Into/Examination of Bank Deposits/Investments
- Freeze of Dirty Money/Property
- Forfeiture of Dirty Money/Property
The Anti-Money Laundering Council is composed of:
- Chairman: BSP Governor
- Members:
i. Commissioner of Insurance Commission
ii. Chairman of SEC
Obligations of Covered Institutions
- Customer Identification
- Safe Harbor
- Reportorial Requirements
Stages of Money Laundering
- Placement
- Layering
- Integration
When a transaction is determined to be both a covered and a suspicious transaction, it shall be
reported as?
Suspicious Transaction
A transaction in cash or other equivalent monetary instrument involving a total amount in
excess of Five Hundred Thousand Pesos (P500,000.00) within one banking day.
Covered Transactions
Anti-Money Laundering Act’s Three Major Requirements
- Customer Identification and Due Diligence
- Record Keeping or Retention
- Reportorial Duty
What are the prohibited accounts under the Anti-Money Laundering Act?
- Anonymous Accounts
- Accounts under fictitious names
- Numbered checking accounts
- Other similar accounts
When may the Anti-Money Laundering Council inquire into bank deposits?
General Rule: Only upon order of any competent court in cases of violation of RA 9160
“Anti-Money Laundering Act of 2001”, as amended.
Exception: No need of court order in cases of Kidnapping, Hijacking, Drugs, Arson, and
Murder
Who has jurisdiction for violation of AMLA?
- Regional Trial Court - all cases on money laundering
- Sandiganbayan - Those committed by public officers and private persons in conspiracy
with them.
Which court has the jurisdiction to issue a freeze order?
It is solely the Court of Appeals which has the authority to issue a freeze order upon
application by the Anti-Money Laundering Council and after determination that
probable cause exists.