TF-33, Series OF 2020, Resolution Related to Terrorism Financing, Deadline Extension For DIGICUR COMPLIANCE, Rules of Procedure in Administrative Cases under Republic Act No. It shall refer to any chain of wire transfers that takes place entirely within the borders of a single country, even though the system used to effect the fund/wire transfer may be located in another country. (3)   Considering the intricate and diverse web of related and interlocking accounts pertaining to the monetary instruments or properties that any person may create in the different covered institutions, their branches and/or other units, the AMLC may file a petition with the Court of Appeals for the freezing of the monetary instruments or properties in the names of the reported owners/holders and monetary instruments or properties named in the Petition of the AMLC including related accounts as defined under Rule 3.e.3 of these Rules. The covered institution shall likewise immediately furnish a copy of the notice of the freeze order upon the owner or holder of the monetary instrument or property or related accounts subject thereof. Rule 4. However, the covered institution shall not lift the effects of the freeze order without securing official confirmation from the AMLC. ii. Rule 17.b. 532; (33) Aiding and abetting pirates and brigands; (h.)  Qualified theft under Article 310 of the Revised Penal Code, as amended; (i.) Rule 8. Rule 9.a.10. (12) to impose administrative sanctions pursuant to Rule 14.a.4 for the violation of laws, rules, regulations, orders and resolutions issued pursuant thereto, as may be determined by the AMLC. For this purpose, the term official authority shall refer to any of the following: i. “Originating institution” refers to the entity utilized by the originator to transfer funds to the beneficiary and can either be (a) a covered institution as specifically defined by these Rules and as generally defined by the AMLA, as amended, and these Rules, or (b) a financial institution or other entity operating outside the Philippines that is other than the covered institution referred to in (a) but conducts business operations and activities similar to it. This includes the implementation of the International Health Regulations (IHR) of the This 2014 Amendments to the Revised Rules and Regulations… Existing and New Accounts and New Transactions. 6426, as amended; Republic Act No. 11201, DHSUD Please Click on the above for the full text. It shall also refer to any chain of wire transfers that has at least one cross-border element. All existing laws such as the Consumer Act of the Philippines also applies to e-commerce transactions. Article 1. 4, series of 2017 AMLC Registration and Reporting Guidelines, AMLC Letter No. Where there is conviction for money laundering under Section 4 of the AMLA, as amended, the court shall issue a judgment of forfeiture in favor of the Government of the Philippines with respect to the monetary instrument or property, including related accounts, found to be proceeds of one or more unlawful activities. Rule 9.a.9.a. 9160, As Amended, AMLC Registration and Reporting Guidelines (ARRG), AMLC Registration and Reporting Guidelines-Casinos, Amendments to the AMLC Registration and Reporting Guidelines, AMLC Guidance No. 612, as amended. 1405, as amended, R.A. No. H�TSM��0��W�q\��|Wە��*��C�K��pdE���$�HH�{o��|�4�6�!jh:������{��'���=ǒ��س��hM8��=�QwΚy�r - A customer from a country other than the Philippines that is recognized as having inadequate internationally accepted anti-money laundering standards, or does not sufficiently apply regulatory supervision or the Financial Action Task Force (FATF) recommendations, or presents greater risk for money laundering, its associated predicate offenses including corruption and terrorism financing, is considered a high risk customer and shall be subject to enhanced due diligence measures under Rule 9.a.9.a. Rule 11.a. Review any customer identification and account opening documents and records of existing accounts, including but not limited to deposits, investments, loans, treasury, custodianship, trust and fiduciary accounts, to determine compliance with the requisite: a) conduct of face-to-face contact except as provided for under Rules 9.a.10, 9.a.11 and 9.a.13 of these Rules; b) completeness and accuracy of the minimum information and documents required to be obtained under these Rules; and c) records-retention period, as well as compliance with all other regulations issued by the AMLC and the BSP to assess that the covered institution has properly established and verified the true and full identity of its customers. Rule 5.c. Rule 13.d. 10167 and rules, regulations, orders and resolutions issued pursuant thereto. implementing rules and regulations of republic act no. The Anti-Money Laundering Council -. Rule 11.a.4. hެVmo�8�+��}H�bI���@�,[�kW��mX�n��>�q`{wݿ)٩��K��B��D�|D�C�""�s�F �$�� A�4 R �D���LհN����p�!\9 li8H$��Dr"xz)��%��������6��I~�߆���P|ܮ�u�� {=�M�U' �`xs~Ng��[�G)��Noa"� e6_׋��9�Nʼ��]��8��;:.�����K�w���7i�+>��%e�>I8s���I"\V]>�.�U��m��c���7t^�;�d��߾��cW�i^�{!�&� ��o��#/�|2�Hk��s��vm�Q�L��: The Implementing Rules and Regulations (IRR) shall cover all the mandated functions and duties of the Philippine Competition Commission to facilitate the implementation of the provisions of Republic Act 10667, otherwise known as the Philippine Competition Act. Title. Title. Unanimous Decision. Rule 10.c.3. Definitions. Knowing that a customer was or is engaged or engaging in any unlawful activity as herein defined. No peso and foreign currency non-checking accounts shall be allowed without the establishment of such identity and in the manner herein provided. – No administrative, criminal or civil proceedings shall lie against any person for having made a covered transaction report or a suspicious transaction report in the regular performance of his duties and in good faith, whether or not such reporting results in any criminal prosecution under this Act or any other Philippine law. - Before establishing business relationships, covered institutions shall endeavor to ensure that the customer is a corporate or juridical entity which has not been or is not in the process of being dissolved, wound up or voided, or that its business or operations has not been or is not in the process of being, closed, shut down, phased out, or terminated. Private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC. 10625, otherwise known as the philippine statistical act of 2013 pursuant to section 32 of republic act no. Rule 3.a.2. Annotations This is a pdf file. 6426, as amended, R.A. No. The Executive Director. On-going monitoring of customers, accounts and transactions. 9257 of 2003 rule i title, purpose and construction article 1. title. Kidnapping for ransom under Article 267 of Act No. - Whenever reduced due diligence is applied in accordance with the covered institution’s customer acceptance policy, the following rules shall apply: a.) Third party reliance. Upon receipt of the freeze order issued by the Court of Appeals and upon verification by the covered institution that the related accounts originated from and/or are materially linked to the monetary instrument or property subject of the freeze order, the covered institution shall freeze these related accounts wherever these may be found. Retention of Records Where a Case of Money Laundering, Civil Forfeiture or Underlying Unlawful Activity, Has Been Filed in Court. RULE 5 Jurisdiction of Money Laundering Cases and Money Laundering Investigation Procedures. 7652, otherwise known as the “Investors’ Lease Act” Whereas, on May 31, 1993, the Congress of the Philippines enacted the “Investor’s Lease Act” which was subsequently signed into law by the President of the Philippines;. 2015 Implementing Rules and Regulation of the Securities Regulation Code (Republic Act No. 9194 AND REPUBLIC ACT NO. As intended, the passage of the Act has spurred investments in … 2008-1, Series of 2008. The SEC and the IC may conduct similar testing more often than once a year and covering such other related purposes as may be allowed under their respective charters. Wire/Fund Transfers. (e)   Other similar instruments where title thereto passes to another by endorsement, assignment or delivery. 7394 April 13, 1992 . For this purpose, it may undertake the following activities: Rule 11.c.1 BSP Examination Procedures for AML/CFT Activities and Risk Rating System. Penalties for the Crime of Money Laundering. - These Rules shall be known and cited as the “Revised Implementing Rules and Regulations of Republic Act No. Rule 18.b. Jurisdiction of Money Laundering Cases. In case the identification document presented to the covered institution does not bear any photo of the customer or authorized signatory, or the photo bearing ID or a copy thereof does not clearly show the face of the customer or authorized signatory, a covered institution may utilize its own technology to take the photo of the customer or authorized signatory. (f)    the time when the freeze thereon took effect. Extradition. It shall likewise guard against establishing relations with foreign financial institutions that permit their accounts to be used by shell banks. - The banking institution or the non-bank financial institution and their subsidiaries and affiliates shall, immediately upon receipt of the AMLC resolution, allow the AMLC and/or its authorized representatives full access to all records pertaining to the deposit or investment account. The Implementing Rules and Regulations (IRR) of RA 10821 or the Children’s Emergency Relief and Protection Act (signed May 18, 2016) was signed February 28, 2017.The IRR was drafted with the participation of duty bearers and stakeholders and seeks to protect the rights of … Rule 9.a.6. – The annual budget appropriated by Congress for the AMLC in the General Appropriations Act shall be used to defray the capital, maintenance and operational expenses of the AMLC. Trial for the money laundering offense shall proceed in accordance with the Code of Criminal Procedure or the Rules of Procedure of the Sandiganbanyan, as the case may be. “Suspicious Transaction” is a transaction, regardless of amount, where any of the following circumstance exists: (a)   there is no underlying legal or trade obligation, purpose or economic justification; (b)   the client is not properly identified; (c)   the amount involved is not commensurate with the business or financial capacity of the client; (d)   taking into account all known circumstances, it may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under the act; (e)   any circumstance relating to the transaction which is observed to deviate from the profile of the client and/or the client’s past transactions with the covered institution; (f)    the transaction is in any way related to an unlawful activity or any money laundering activity or offense under the AMLA, as amended, is being or has been committed; (g)   any transaction that is similar, analogous or identical to any of the foregoing. 10167 (the AMLA, as amended). (3)   The freeze order shall be effective for twenty (20) days unless extended by the Court of Appeals upon motion by the AMLC. The elements of the offense of money laundering are separate and distinct from the elements of the felony or offense constituting the unlawful activity. 9513; Department Circular No. Short Title. Knowledge of the offender that any monetary instrument or property represents, involves, or relates to the proceeds of an unlawful activity or that any monetary instrument or property is required under the AMLA, as amended, to be disclosed and filed with the AMLC, may be established by direct evidence or inferred from the attendant circumstances. Form of Records. Exemption from Bank Secrecy Laws. “Intermediary institution” refers to the entity utilized by the originating and beneficiary institutions where both have no correspondent banking relationship with each other but have established relationship with the intermediary institution. - With respect to closed accounts, the records on customer identification, account files and business correspondence shall be preserved and safely stored for at least five (5) years from the dates when they were closed. - Because of the risk associated with dealing with wire/fund transfers, where a covered institution may unknowingly transmit proceeds of unlawful activities or funds intended to finance terrorist activities, it shall establish policies and procedures designed to prevent it from being utilized for that purpose which shall include, but not limited to, the following: (a)   The beneficiary institution shall not accept instructions to pay-out wire/fund transfers to non-customer beneficiary, unless it has conducted the necessary customer due diligence to establish the true and full identity and existence of said beneficiary. - The functions of the AMLC are defined hereunder: (1)   to require and receive covered or suspicious transaction reports from covered institutions; (2)   to issue orders addressed to the appropriate Supervising Authority or the covered institution to determine the true identity of the owner of any monetary instrument or property subject of a covered or suspicious transaction report, or request for assistance from a foreign State, or believed by the Council, on the basis of substantial evidence, to be, in whole or in part, wherever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of any unlawful activity; (3)   to investigate suspicious transactions and covered transactions deemed suspicious after an investigation by the AMLC, money laundering activities and other violations of the AMLA, as amended; (4)   to file with the Court of Appeals, ex-parte, through the Office of the Solicitor General: a.) Upon receipt of the notice of the freeze order, the covered institution concerned shall immediately freeze the monetary instrument or property and related accounts subject thereof. 442, As Amended, Otherwise Known as the “Labor Code of the Philippines” 8791, as amended, and other similar laws, as are inconsistent with the AMLA, as amended, are hereby repealed, amended or modified accordingly; Provided, that the penal provisions shall not apply to acts done prior to the effectivity of the AMLA on October 17, 2001. - A covered institution may rely on the customer identification process undertaken by a third party subject to the rules on Third Party reliance to be promulgated by the Supervising Authorities. - Money laundering is a crime whereby the proceeds of an unlawful activity as herein defined are transacted, thereby making them appear to have originated from legitimate sources. RULE 1. - The budget shall answer for indemnification for legal costs and expenses reasonably incurred for the services of external counsel in connection with any civil, criminal or administrative action, suit or proceeding to which members of the AMLC and the Executive Director and other members of the Secretariat may be made a party by reason of the performance of their functions or duties. 9160, otherwise known as the “Anti-Money Laundering Act of 2001”, as amended (AMLA), the following rules and regulations are hereby promulgated: Request for Assistance from a Foreign State. Rule 3.e. 1. The IRR shall take effect fifteen (15) days after the date of its posting on 3 June 2016. However, in the case of the incapacity, absence or disability of any member to discharge his functions, the officer duly designated or authorized to discharge the functions of the Governor of the BSP, the Chairman of the SEC or the Insurance Commissioner, as the case may be, shall act in his stead in the AMLC. Safe Harbor Provisions. Such customers shall be subject to enhanced due diligence under Rule 9.a.9.a. It is a landmark legislation in the history of the Philippines. Rule 12.c. The principles of mutuality and reciprocity shall, for this purpose, be at all times recognized. Tags: Implementing Rules and Regulations, Laws, Personal Property Security Act, RA 11057, Republic Acts, Rodrigo Roa Duterte. In addition, the correspondent bank shall: (a)   Gather sufficient information about the respondent institution to understand fully the nature of the respondent’s business and to determine from publicly available information the reputation of the institution and the quality of supervision, including whether it has been subject to money laundering or terrorist financing investigation or regulatory action. Republic Act 8792, was signed into law last June 14, 2000. Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Programs (AML/CFT Program). “Property” includes any thing or item of value, real or personal, tangible or intangible, or any interest therein or any benefit, privilege, claim or right with respect thereto. Enhanced Due Diligence. 9239) (2005) Rule 9.b.5. Rule 13.f. Implementing Rules and Regulations. Title. Rule 11.b.2. 10927, 2018 Implementing Rules and Regulations of Republic Act No. Declaration of Basic Policy. Take reasonable measures to establish the source of wealth and source of funds; and. - The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as Members. IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT NO. – All laws, decrees, executive orders, rules and regulations or parts thereof, including the relevant provisions of Republic Act No. Implementing Rules and Regulations. 9194 and Republic Act No. “Unlawful activity” refers to any act or omission or series or combination thereof involving or having relation, to the following: (a.) 9295, entitled “an act promoting the development of philippine domestic shipping, shipbuilding, and ship repair and ship breaking, ordaining reforms in government policies towards shipping in the philippines… - Covered institutions shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, unless the supervising authority concerned prescribes a longer period not exceeding ten (10) working days. Hacking or cracking, which refers to: (55) unauthorized access into or interference in a computer system/server or information and communication system; (56) any access in order to corrupt, alter, steal, or destroy using a computer or other similar information and communication devices, information and communications system, including the knowledge and consent of the owner of the computer; or. "The ATC has approved today (Wednesday) the IRR of the ATL crafted by the technical working group led by the DOJ. 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2002; (3)   Hijacking and other violations under Republic Act No. – GENERAL PROVISIONS . Rule 3.i.4. Smoking is prohibited in enumerated indoor public places and workplaces such as government facilities, healthcare and educational institutions, and facilities frequented by minors while, in other public places and workplaces, including bars and nightclubs, designated smoking areas are allowed. The Rule of Procedure in Cases of Civil Forfeiture, Asset Preservation, and Freezing of Monetary Instrument, Property, or Proceeds Representing, Involving, or Relating to an Unlawful Activity or Money Laundering Offense under Republic Act No. Prohibition against opening of Accounts without Face-to-face Contact. The covered institution shall determine the true nature of the parties’ capacities and duties by obtaining a copy of the written document evidencing their relationship and apply the same standards for assessing the risk profile and determining the standard of due diligence to be applied to both. Rule 13.g.2. “Transaction” refers to any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto. ARTICLE 2. Period of Reporting Covered Transactions and Suspicious Transactions. Rule 9.c.5. Rule 19. Rule 13.e. Powers of the AMLC to Act on a Request for Assistance from a Foreign State. 88, series of 2017, AMLET-17-002 AMLC Regulatory Issuance (ARI)(A) No. Rule 20. All the elements of every money laundering offense under Section 4 of the AMLA, as amended, must be proved by evidence beyond reasonable doubt, including the element of knowledge that the monetary instrument or property represents, involves or relates to the proceeds of any unlawful activity. Rule 10.f. Payment in lieu of Forfeiture. 9136” (Rules) otherwise known as the ”Electric Power Industry Reform Act of 2001” (Act). Rule 3.b.2. 9160, as amended. - A covered institution shall develop clear, written and graduated customer acceptance policies and procedures including a set of criteria for customers that are likely to pose low, normal or high risk to their operations as well as the standards in applying reduced, average and enhanced due diligence including a set of conditions for the denial of account opening. Labor Code of the Philippines Gender and Development Department Order 202-19 Implementing Rules and Regulations of Republic Act No. SECTION 2. Rule 8.a. (f)  A holding company includes any person who directly or indirectly controls any authorized insurer. Rule 18.a. information between client and lawyer) and is subject to similar rules on lawful processing which are applied to sensitive personal information. – The AMLC may inquire into or examine any deposit or investment with any banking institution or non-bank financial institution and their subsidiaries and affiliates without a court order in cases involving any of the following unlawful activities: (1)   Kidnapping for ransom under Article 267 of Act No. Rule 3.h. an application for authority to inquire into or examine any particular deposit or investment, including related accounts, with any banking institution or non-bank financial institution; (5)   to institute civil forfeiture proceedings and all other remedial proceedings through the Office of the Solicitor General; (6)   to file complaints with the Department of Justice or the Office of the Ombudsman for the prosecution of money laundering offenses and other violations under the AMLA, as amended; (7) to formulate and implement such measures as may be inherent, necessary, implied, incidental and justified under the AMLA, as amended, to counteract money laundering. 9470, … 10121 strengthening the Philippine Disaster Risk Reduction and Management System. Insurance companies, insurance agents, insurance brokers, professional reinsurers, reinsurance brokers, holding companies, holding company systems, pre-need companies, mutual benefit associations and all other persons and entities supervised and/or regulated by the Insurance Commission (IC). TITLE AND SCOPE SECTION 1. Authority to Inquire into Deposits or Investments with court order. - The AMLC shall investigate: (2)   covered transactions deemed suspicious after an investigation conducted by the AMLC; (4)   other violations of the AMLA, as amended. iii. 8048, as amended, otherwise known as the "Coconut Preservation Act of 1995", and the "Urban Development and Housing Act of 1992" are hereby amended. On money Laundering Investigation procedures offense constituting the unlawful activity as herein defined 2002 ; ( g. ) Piracy the. 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