RFBT AMLA gg.pdf

1. Persons supervised or regulated by BSP, such a. Jewelry d as: dealers in a. Banks; b. Compa b. Non-banks;...

1. Persons supervised or regulated by BSP, such a. Jewelry d as: dealers in a. Banks; b. Compa b. Non-banks; business, C. Quasi-banks; to third p d. Trust entities; acting as e. Pawnshops; acting as f. Non-stock savings and loan providing associations; or g. Electronic money issuers; and accommo h. All other persons and their subsidiaries administrative ad and affiliates any other legal pe supervised or regulated by the BSP. acting as a nomin RIRR- foreign exchange dealers, money changers, and person. remittance and transfer companies c. Persons 2. Persons supervised or regulated by IC, such as: who prov a. Insurance companies; Managin b. Pre-need companies; assets; c. Insurance agents; Managem d. Insurance brokers; Organiza e. Professional reinsurers; operation or man f. Reinsurance brokers; Creation, g. Holding companies; persons or and h. Holding company systems; business entities. I. Mutual benefit associations; and j. All other persons and their subsidiaries and affiliates i supervised or regulated by the IC. ndependent lega 3. Persons supervised or regulated by SEC, such as: D? Casinos, includ Suspicious Transactions- regardless of the amount market instrume 1. there is no underlying legal or trade obligation, 7. Contract purpose or economic justification; life, contracts 2. the client is not properly identified; member certifica 3. the amount involved is not commensurate with association; and the business or financial capacity of the client; 8. Other sim 4. taking into account all known circumstances, it passes to anothe maybe perceived that the client's transaction is delivery. structured in order to avoid being the subject of reporting requirements under the AMLA; Unlawful Activiti 5. any circumstance relating to the transaction 1. Kidnapping for which is observed to deviate from the profile of 2. Comprehensiv the client and/or the client's past transactions 3. Anti-Graft and with the covered person; 4. Plunder 6. the transaction is in any way related to an 5. "Robbery" and unlawful 6. "Jueteng" (Luz activity or any money laundering activity or offense that 7. Piracy on the H is about to be committed, is being or has been 8. "Qualified The committed; or 9. "Swindling" 7. any transaction that is similar, analogous, or 10. "Smuggling" identical to any of the foregoing. The Philippines"; 11. "Electronic C 11 "Suspicious Transaction Report" (STR) 12. Hijacki ng 11 report of a covered person to AMLC Arson"; and "Murder", Monetary Instruments Code, as amende 1. Coins or currency of legal tender of the 13. "Terrorism" a The Philippines, or of any other country; 14. "Financing of 2. Credit instruments, including bank deposits, 15. "Bribery" "Co financial interest, royalties, commissions and other 16. "Frauds and I 1995", as amended by Republic Act No. 10022; persons who are 29. Violation of Republic Act No. 8293, otherwise known officers. as the "Intellectual Property Code of the Philippines, as amended"; Prosecution of m 30. "Anti-Photo and Video Voyeurism Act of 2009"; A. Independent P 31. "Anti-Child Pornography Act of 2009"; money launderin 32. "Special Protection of Children Against Abuse, proceed indepen Exploitation and Discrimination"; B. Separate and D 33. "Securities Regulation Code of 2000"; of money launde 34. Felonies or offenses of a nature similar to the elements of the aforementioned unlawful activities that are punishable unlawful activity, under the penal laws of other countries. perpetrators and unlawful activity, Money Laundering Offenses beyond a reasona A. Any person who. knowin1 that any monetary laundering. instrument or property represents, involves, or relates C. Knowledge. - T to the proceeds of any unlawful activity: established by dir 1. transacts said monetary instrument or property; D. Rules of Proce 2. converts, transfers, disposes of, moves, acquires, govern all procee possesses or uses said monetary instrument or money launderin property; 3. conceals or disguises the true nature, source, location, disposition, movement, or ownership of or rights with respect to the said monetary instrument or Anti-money laun property; The AMLC is com 4. attempts or conspires to commit money laundering Governo offenses referred to in (1), (2) or (3) above; Commiss 5. aids, abets, assists in or counsels the commission of Chairpers the money laundering offenses referred to in (1), (2) Must be or (3} above; and reports from covered persons; of laws, rules, 2. to issue orders addressed to the appropriate issued pursuant t Supervising Authority or the covered person to 12. to require th determine the true identity of the owner of any its Registries of monetary instrument or property subject of a CTR/STR on all real estat 3. to institute civil forfeiture proceedings and all other excess of Five hu remedial proceedings through the Office of the Solicitor within fifteen (JS General; the transaction, 4. to file complaints with the DOJ or the Office of the AMLC. The AMLC Ombudsman for the prosecution of money laundering Authority and all offenses and other violations under the AMLA; of relevant docum 5. to investigate suspicious transactions and covered transactions deemed suspicious after an investigation Prewntlon of mo by the money laundering activities and other violations A. Customer Due of the AMLA; B. Record Keepin 6. to file with the Court of Appeals, ex parte through Covered persons the Office of the Solicitor General: five (SJ years fro a. petition for the freezing of any monetary of customer iden instrument or property that is in any way their customers. related to unlawful activity; or Retentio b. an application for authority to inquire into or Subject o examine any particular deposit or investment, Closed A including related Form of accounts, with any banking institution or non-bank C. Transaction Re financial institution. 7. to formulate and implement such measures as may Reporting of cov be necessary and justified under the AMLA to Covered counteract money laundering. covered 8. to receive and take action in respect of any request transacti from foreign states for assistance in their own anti- the AML money laundering operations as provided in the AMLA the penalties to be imposed on persons convicted of to money laundering: 6 months to 4 yea 1. Penalties for Section 4(a), (b), (c) and (d) of the AMLA. a fine of not less t -7 to 14 yrs. Imprisonment (Phpl00,000.00) a fine of not less than three million pesos thousand pesos (P {Php3,000,000.00), but not more than twice the value the court: of Provided, that the the monetary instrument or property involved in the the benefits of th offense If the offender is 2. Penalties for Section 4(e) and (f) of the AMLA. - partnership or an 4-7 yrs imprisonment of imprisonment a fine of not less than one million five the responsible o hundred thousand pesos (Phpl,SOO,000.00) but not participated in, o more the commission o than three million pesos (Php3,000,000.00) suspend or revok 3. Penalties for the Last Paragraph of Section 4 of the If the offender is AMLA. penalties herein p 6 months to 4 years further proceedin fine of not less than one hundred thousand prescribed. pesos (Phpl00,000.00) but not more than five hundred If the offender is thousand pesos (PhpSOO,OOO.OO), or both, shall, in addition t B. Penalties for Knowingly Participating in the suffer perpetual o Commission disqualification fr of Money Laundering. - public official or e 4-7 yrs and refuses to do shall suffer the sa a fine corresponding to not more than two E. Penalties for Br hundred percent (200%) of the value of the monetary -3 to 8 yrs instrument or property laundered -fine of not less th shall be imposed upon the covered person, (PhpS00,OOO.OO its directors, officers or personnel who knowingly (Phpl,OOO,OOO. president, publisher, manager and editor-inchief shall be liable under the AM LA. F. Criminal Liability of Corporate Entities. - If the offender is a corporate entity, the penalties herein shall be imposed upon the responsible officers who participated in, or allowed by their gross negligence the commission of the crime; and/or directors or trustees who willfully and knowingly voted for or assented to violate the AMLA, this RIRR, or other AMLC issuances.