Anti-Money Laundering Principles in the Philippines

A report filed with the AMLC on a covered transaction.

A wire transfer where the sender and/or receiver banks are in different countries, or a chain of transfers with at least one international bank involved.

Any person who does business with a covered person, including beneficial owners, transactors, beneficiaries, asset management clients, trustors, insurance holders, and legal entities.

Cash transaction with real estate exceeding 7,500,000 Pesos (or equivalent).

The person who ultimately owns or controls a customer's account or transaction.

Philippine government agencies responsible for preventing, investigating, arresting, and detaining those who break criminal laws.

All accounts belonging to, or controlled by, a subject of a freeze order or inquiry, including accounts held for their benefit.

A legal order to temporarily prevent access to or transfer of specified accounts or assets.

A legal order demanding information from those linked to an investigation.

An account where a trustee holds funds for a trustor (beneficiary).

Individuals related to the PEP within the second degree of consanguinity or affinity.

Lawyers/accountants working in private firms or as sole practitioners, providing legal/accounting services to clients.

All electronic tools used to access, create, collect, store, process, transmit, display, and share information.

A thorough analysis of a person's threats, weaknesses, and financial risks to prevent illegal funds/transactions.

Monetary tools/property used to support unlawful activity.

The Philippines' governing body for insurance and pre-need services.

A financial entity in a payment chain that transfers funds between entities.

Casinos using remote communication tools (e.g., internet) for operation.

A thorough review of a country's money laundering/terrorist financing risks, vulnerabilities, and the resulting risks, aiming to reduce illegal financial flows.

A legally recognized entity primarily raising or distributing funds for charitable, religious, or other 'good work' purposes.

Someone who commits a money laundering crime.

A business offering online gambling or sports betting via the internet.

The continuous review of financial risks, transactions for customers, and updating associated information, based on risk level.

The financial institution starting a wire transfer after receiving a request.

The account holder initiating a wire transfer, or the person ordering it if no account exists.

A government agency that isn't a specific agency related to security or law enforcement.

An account linked to frozen assets or an investigation, regardless of transactions or account layers.

A casino operating on a vessel primarily for gambling.

The origin of funds in a transaction, such as cash, bank accounts, or investments.

The initial resource that created a person's wealth, including employment or investments.

Electronic payment without manual intervention.

High-level data analysis for understanding patterns to prevent money laundering.

Evidence a reasonable person would accept as proof of a crime.

Government agency overseeing a financial institution or Designated Non-Financial Business and Professions (DNFBP).

Analysis of data for short-term investigative priorities and resource deployment, focusing on time, location, offender, victim, and crime methods for high-profile crimes, repeats, and patterns.

Freezing or prohibiting funds to prevent their use by designated individuals or entities, following UN resolutions.

Crimes as defined under the Terrorism Financing Prevention and Suppression Act (TFPSA).

Republic Act No. 10168, amended in regulatory issuances; relevant legislation to counter terrorism financing.

Any action creating rights or obligations, or establishing relationships between a covered person and a customer, including fund movements.

Person entrusted with property for the benefit of another (trustor/grantor/settlor).

Person establishing a trust by transferring assets to a trustee.

Specific situations noted as suspicious, per AMLC regulatory issuance (e.g., non-matching details, unusual transactions in suspicious patterns).