ANTI-MONEY LAUNDERING ACT OF 2001
Suspicious Transaction
1. No underlying legal or trade obligation, purpose or
economic justification
Covered Transactions 2. Client is not properly identified
MONEY LAUNDERING 1. Transaction in cash or other 3. Amount involved does not commensurate with the
equivalent monetary instrument business or financial capacity of the client
> Php 500,000 4. Client’s transaction is structured in order to avoid
An act or series or combination of 2. Transaction > Php 1,000,000 in being the subject of reporting requirements
acts whereby proceeds of an case of jewelry dealers, dealers in 5. Circumstances observed to deviate from the profile of
unlawful activity, whether in cash, precious metals and dealers in the client and/or he client’s past transaction with the
property or other assets, are precious stones covered institution
converted, concealed or disguised 3. Single casino cash transaction > 6. Transactions related to an unlawful activity or offense
to make them appear to have Php 5,000,000 or its equivalent in is about to be or has been committed
originated from legitimate sources any other foreign currency 7. Any transactions similar to any of the foregoing
BSP Covered Persons SEC Covered Persons Insurance Commission Covered Persons
Banks; Securities dealers, brokers, salesmen, Insurance companies;
Offshore banking units; investment houses and other similar Pre-need companies;
Quasi-banks; persons managing securities or Insurance agents;
Trust entities; rendering services as investment agent, Insurance brokers;
Non-stock savings and loan advisor, or consultant; Professional reinsurers;
associations; Mutual funds, close-end investment Reinsurance brokers;
Pawnshops; companies, common trust funds, and Holding companies;
Foreign exchange dealers; other similar persons; and Holding company systems;
Money changers; Other entities administering or Mutual benefit associations; and
Money remittance or transfer otherwise dealing in currency, All other persons and their subsidiaries and
companies; commodities or financial derivatives affiliates supervised or regulated by the IC.
Electronic money issuers; and based thereon, valuable objects, cash
All other persons and their substitutes and other similar monetary
subsidiaries and affiliates instruments or property supervised or
supervised or regulated by the regulated by the SEC.
BSP.
UNLAWFUL ACTIVITY
ANTI-MONEY LAUNDERING ACT OF 2001 1. Kidnapping for ransom
2. Comprehensive Dangerous Drugs Act of 2002
3. Anti-Graft and Corrupt Practices Act
Designated Non-Financial Businesses and 4. Plunder
5. Robbery and Extortion
Professions (DNFBPs)
6. Jueteng and masiao punished as illegal gambling
7. Piracy on the high seas
A. Jewelry dealers in precious metals, who, as a 8. Qualified theft
business, trade in precious metals; 9. Swindling
B. Jewelry dealers in precious stones, who, as a 10. Smuggling
business, trade in precious stones; 11. Violations of Electronic Commerce Act of 2000
C. Company service providers which, as a business, 12. Hijacking; destructive arson and murder
provide any of the following services to third 13. Terrorism and conspiracy to commit terrorism
parties 14. Financing of terrorism
I. Acting as a formation agent of juridical 15. Bribery and Corruption of Public Officers
16. Frauds and Illegal Exactions and Transactions
persons;
17. Malversation of Public Funds and Property
II. Acting as (or arranging for another person to
18. Forgeries and Counterfeiting ‘
act as) a director or corporate secretary of a 19. Violations of Anti-Trafficking in Persons Act of 2003
company, a partner of a partnership, or a 20. Violations of Revised Forestry Code of the Philippines
similar position in relation to other juridical 21. Violations of the Philippine Fisheries Code of 1998
persons; 22. Violations of Philippine Mining Act of 2005
III. Providing a registered office, business address 23. Violations of Wildlife Resources Conservation and
or accommodation, correspondence or Protection Act
administrative address for a company, a 24. Violations of National Caves and Cave Resources
partnership or any other legal person or Management Protection Act
25. Violations of Anti-Carnapping Act of 2002
arrangement; and
26. Illegal Possession of Firearms
IV. Acting as (or arranging for another person to
27. Violations of Anti-Fencing Law
act as) a nominee shareholder for another person 28. Violations of Migrant Workers and Overseas Filipinos Act
D. Persons who provide any of the following of 1995
services: 29. Violations of Intellectual Property Code of the Philippines
I. Managing of client money, securities or other 30. Violations of Anti-Photo and Video Voyeurism Act of 2009
assets; 31. Violations of Anti-Child Pornography Act of 2009
II. Management of bank, savings or securities 32. Violations of Special Protection against Abuse,
accounts; Exploitation and Discrimination
III. Organization of contributions for the creation, 33. Fraudulent Practices and Violations of the Securities
Regulation Code of 2000
operation or management of companies; and
34. Felonies or offenses of a similar nature that are punishable
IV. Creation, operation or management of
under the penal laws of other countries
juridical persons or arrangements, and buying
and selling business entities.
ANTI-MONEY LAUNDERING ACT OF 2001
Executive Director
AMLC Secretariat
AMLC Technical Staff
Compliance and Legal Evaluation
BSP Investigation Group Group
Governor
SEC IC Information Administrative and
Chairperson Commissioner Management and Finance Group
Analysis Group
CUSTOMER DUE RECORD KEEPING REPORTING
DILIGENCE
Client’s true identity shall be Maintain and safely store all Covered transaction
established and recorded based records of all transactions for 5 working days from occurrence
on official documents 5 years from transaction date
Suspicious transactions
“Face-to-face contact at the Records/files contain full and 5 working days from date of determination
commencement of relationship true identity of the of the suspicious nature of transaction which
owners/holders of the accounts determination should be made not exceeding
Prohibited accounts: Ensure confidentiality 10 calendar days from the date of
Anonymous accounts transaction
Accounts under fictitious Closed accounts - preserve and *However, if related to unlawful activity, the 10-
names safely store records for at least day period shall be reckoned from the date the
Numbered accounts (except 5 years from closure dates. covered person knew or should have known of
non-checking numbered accts Money laundering case filed in the suspicious transaction indicator
court - retain until case has
been finally resolved or AMLC may prescribe a longer period but should
terminated by the court. not exceed 15 working days from occurrence of
Retain records as originals in both transactions.
such forms as are admissible in
court.
ANTI-MONEY LAUNDERING ACT OF 2001
Money Laundering Cases - JURISDICTION
Sandiganbayan Regional Trial Court
Public officers under its Private individuals
jurisdiction Public officers not
Private persons who covered by
conspired with public Sandiganbayan’s
officers jurisdiction
Prosecution of money laundering and unlawful activity shall
proceed independently.
ASSET FORFEITURE
For probable cause that the asset is related to an unlawful activity
or money laundering
Civil forfeiture upon filing of AMLC with RTC thru Office of the
Solicitor General
No need of prior criminal charge, pendency of or conviction Upon conviction for money laundering
necessary Forfeiture in favour of government
