The document discusses anti-money laundering laws and regulations in the Philippines. It begins with a definition of money laundering and an overview of the history and origins of anti-money laundering efforts. It then outlines key entities like the Financial Action Task Force (FATF) and their recommendations. The document explains the three stages of money laundering and how it relates to other crimes. It also defines key terms like suspicious transactions, covered institutions, and the roles and functions of the Anti-Money Laundering Council (AMLC) established under the Anti-Money Laundering Act of 2001.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
This describes the Philippine Monetary Policy. This slideshow contains a brief history of the Philippine Monetary System and of the Bangko Sentral ng Pilipinas. This also contains the functions of money and how the BSP uses it to the Philippines' advantage.
Anti-money Laundering:-
The process of disguising the proceeds of crime in an effort to conceal their illicit origins and legitimize their future use. Its main objective is to conceal true ownership and origin of the proceeds, a desire to maintain control, a need to change the form of the proceeds.Techniques used can be simple, diverse, complex, but secret.
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
This describes the Philippine Monetary Policy. This slideshow contains a brief history of the Philippine Monetary System and of the Bangko Sentral ng Pilipinas. This also contains the functions of money and how the BSP uses it to the Philippines' advantage.
Anti-money Laundering:-
The process of disguising the proceeds of crime in an effort to conceal their illicit origins and legitimize their future use. Its main objective is to conceal true ownership and origin of the proceeds, a desire to maintain control, a need to change the form of the proceeds.Techniques used can be simple, diverse, complex, but secret.
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Anti Money Laundering's regulation: current aspects and future forecastsclaudiotarulli3
Presentazione della Tesi "Anti Money Laundering's regulation: current aspects and future forecasts" presentata per il Master in "Antiriciclaggio e Compliance" presso la European School of Banking Management.
Similar to Anti Money Laundering Act - Philippines (20)
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
3. "Money laundering”
RA 9160 (Anti-Money Laundering Act of 2001 [AMLA])
Sec. 4: 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
4. History
originated from Mafia ownership of Laundromats in the US
extortion, prostitution, gambling and bootleg liquor.
Al Capone purchased Laundromats business (legitimate business)earnings are
mixed with illicit business
1931 Al Capone was convicted for tax evasion
Meyer Lansky (Mob’s Accountant) Uses Swiss facilities (Loan-back concept)
5. 1980’s - International level Money laundering was to combat the “war on drugs”
1990’s –includes all serious crimes involve including the abuse of power so it has
become a tool in the return of assets
The Basel Institute on Governance - Singapore, Switzerland, USA, UK (important
financial centers in cross border banking)
Government and regulators develop in tandem with international law focuses on
customer due diligence
Basel Committee on Banking Supervision and Financial Action Task Force
History
6. FATF – FINANCIAL ACTION TASK FORCE
Inter-governmental body
Established in 1989
Based in Paris, France
Formed by G-7
with a mission of paving the way for the effective prevention and
detection of money laundering by ensuring that appropriate measures
against money laundering are implemented in all nations
Created and maintained a list of Non Cooperative Countries and
Territories (NCCT List)
7. FATF – FINANCIAL ACTION TASK FORCE
1990 - FATF issued 40 Recommendations
June 2000 – Includes Philippines in its list of Non-Cooperative Countries and
Territories (NCCT)
October 2001 – RA No. 9160 “AMLA of 2001” enacted
March 2003 – RA No. 9194 Act amending RA No. 9160
2001 - 2008 Incorporated subsequent amendments which requires countries
to have measures in place to fight financing of terrorism
Recommendation No. 8 - (Calls for the review of adequacy of laws and
regulations on NPOs)
Recommendation No. 9 - (Cash Couriers)
February 11, 2005 – FATF removed the Philippines in the list of Non-
Cooperative Countries and Territories (NCCTs)
8. Three Stages of Money Laundering
Placement
Layering
Integration
Taken together form the entire cycle of money laundering
Two goals : Hiding where the money came from and where it is going
9. Stage 1 - Placement
- Involves the initial placement or introduction of the illegal
funds into the financial system.
Ex.
a. Smurfing or structuring
b. Purchase of insurance contract
10. Stage 2 - Layering
- involves a series of financial transactions during which the dirty
money is passed through a series of procedures, putting
layer upon layer of persons and financial activities into the
laundering process.
Ex.
a. electronic transfer of funds
b. disguised transfer of funds as payment for goods or
services
11. Stage 3 - Integration
- the money is once again made available to the criminal with
the occupational and geographic origin obscured or
concealed.
- The laundered funds are now integrated back into the
legitimate economy through the purchase of properties,
businesses and other investments.
12.
13. How does Money Laundering link to other crimes?
Directly connected to a criminal act or illegal activity
Predicate crimes would have already taken place
14. 14 Predicate crimes
Kidnapping for ransom
Drug Offenses
Graft and corruption practices
Plunder
Robbery and extortion
Jueteng and masiao
Piracy on the high seas
Qualified Theft
Swindling
Smuggling
Electronic Commerce Crimes
Hijacking, destructive arson and murder, including those
perpetrated against non-combatant persons (terrorist
acts)
Securities Fraud
Felonies or offenses of a similar nature punishable under
penal laws of other countries
15. What is Anti-Money Laundering Act?
Money Laundering was made a criminal offense in the Philippines when
the Philippine Congress approved Republic Act No. 9160, otherwise
known as the Anti-Money Laundering Act (AMLA) of 2001. It was later
amended in 2003 by Republic Act No 9194
AMLA is the legal basis for making money laundering a criminal offense
in the Philippines, and the money launderer a criminal upon which
criminal penalties can be imposed under the AMLA
Philippines governments response to the concerns of FATF, to hunting
down and stopping money laundering whenever it may transpire
16. Why is Money Laundering Outlawed?
The Money enters the financial system without being taxed
The money is the fruit of illegal activity, therefore an extension of that
same crime
Forces legitimate business to deal with inflated, undercut transactions
Criminal elements become more comfortable conducting their activities
Financial system is manipulated – just management of national
economies is put in danger
17. What are the covered institutions?
BSP
Banks, off shore banking unit, quasi-bank, trust entities, non-stock savings and loan
associations, including their subsidiaries and affiliates, as well as pawnshops, foreign
exchangers and remittance agents
SEC
Securities dealers, brokers, pre-need companies, foreign exchange corporations, investment
houses, trading advisors and all other entities dealing in currency, commodities or other
monetary properties
IC
Insurance companies, insurance agents, insurance brokers, professional reinsurers,
reinsurance brokers and holding companies
18. What is a covered transaction?
A single transaction involving a total amount in excess of
PHP500,000.00 within 1 banking day with a covered institution
(cash)
This must be reported to the AMLC in a covered transaction report
(CTR)
For the AMLC To check these are legitimate transactions
19. What is a suspicious transaction?
1. No underlying legal or trade reason or purpose for the transaction – large
transaction for no apparent reasons
2. The individual making the transaction has no proper identification
3. The amount involved does not correspond with the expected business or
financial capacity of the individual making the transaction
4. The transaction is done in a way to avoid being reported as a covered
transaction to the AMLC – big transaction broken into smaller ones in the
same day
20. What is a suspicious transaction?
5. The transaction is a major shift from the usual transaction history
of the individual
6. The transaction is in any way related to an unlawfully activity or a
money laundering offense – must be reported immediately
7. Any transaction that is similar or analogous to the foregoing
A suspicious transaction report (STR) should be made if any of these
conditions are met.
21. Importance behind fighting money laundering
Serious problem
Criminals will multiply if even small businesses does not
comply
Small businesses may be held responsible under AMLA
Global scale and is not limited to local context
For the law to prevail here and abroad must work hand in
hand
22. How to fight?
Know Your Customer (KYC)
Maintain strict identification standards
Keep clear and accurate records
Report all covered and suspicious transactions
International agency that fights money laundering:
Financial Action Task Force (FATF)
The Egmont Group
The Asia Pacific Group on Money Laundering
23. Legal Consequences –penalties and its related
offenses
The AMLA penalizes the following acts or omissions:
Money laundering proper – 7 to 14 years imprisonment and fine not <3M but not more than
twice the value of money instrument or property
Facilitating money laundering – 4 to 7 years and fine not <1.5M but not > 3M
Failing to report CTR and STR – 6 months to 4 years or a fine not <100K but not
>500K or both
Other violations punishable under the AMLA:
Failure to keep records – 6months to 1 yr or a fine not <100K but not >500K or both
Malicious reporting - 6 months to 4 years and a fine not <100K but not >500K or both
Breach of confidentiality – 3 to 8 yrs and a fine not <500K but not>1M
Administrative violations – fine 100K to 500K
24. ANTI-MONEY LAUNDERING COUNCIL
2001 ALMC was formed upon the
enactment of RA 9160
with a mandate to prevent the entry of
illegally acquired funds into our
financial system
AMLC Secretariat implementing arm of
AMLC
25. FUNCTIONS OF AMLC
1. to require and receive covered or suspicious transaction reports from covered
institutions;
2. issue orders to determine the true identity of the owner of any monetary instrument
or property that is the subject of a report, and to request the assistance to the
approve a foreign country if
3. institute civil forfeiture and all other remedial proceedings through the Office of the
Solicitor General;
4. to cause the filing of complaints with the Department of Justice or the Ombudsman
for the prosecution of money laundering offenses;
5. to investigate suspicious transactions and covered transactions deemed suspicious
after an investigation by AMLC, money laundering activities, and other violations of
the Act;
26. FUNCTIONS OF AMLC
6. Secure the order of the Court of Appeals to freeze any monetary instrument
or property alleged to be the proceeds of unlawful activity
7. Implement necessary and justified measures to counteract money laundering;
8. Receive and act on any requests from foreign countries for assistance in their
own anti-money laundering operations
9. Develop education programs to make the public aware of the pernicious
effects of money laundering and how they can participate in bringing
offenders to justice
10. Enlist the assistance of any branch of government, including intelligence
agencies, for the prevention, detection and investigation of money laundering
offenses and prosecution of offenders
11. to impose administrative sanctions for the violation of laws, rules, regulations
and orders and resolutions issued pursuant thereto; and
27. Laws and Rules Covering the AMLC
Republic Act No. 9160 - Anti-Money Laundering Act (AMLA) of 2001
Republic Act No. 9194 - Amending the AMLA
Republic Act No. 10167 - Strengthening the AMLA
Republic Act No. 10365 - Further Strengthening the AMLA
Republic Act No. 10927 - Designating Casinos as Covered Persons under the AMLA
2016 Revised Implementing Rules and Regulations of Republic Act No. 9160, As Amended
(2016 RIRR)
Casino Implementing Rules and Regulations of Republic Act No. 10927 (CIRR)
Rules on the Imposition of Administrative Sanction under Republic Act No. 9160, as Amended
A.M. No. 05-11-04-SC - 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. 9160, as
Amended.
Republic Act No. 10168 - Terrorism Financing Prevention and Suppression Act of 2012
Implementing Rules and Regulations of Republic Act No. 10168