ANTI-MONEY LAUNDERING ACT OF 2001

REPUBLIC ACT NO.9160 as amended by RA No. 9194, RA No. 10167. RA No.10365

PURPOSE/DEC MONEY LAUDERING OFFENSE COVERED SUSPICIOUS COVERED PREVENTION
LARATION OF TRANSACTIONS TRANSACTIONS PERSONS/INSTITUT
POLICY IONS
*Protect and Money Laundering : COVERED SUSPICIOUS *Banking Institutions CUSTOMER
Preserve the Proceeds of UNLAWFUL ACTIVITY TRANSACTIONS- TRANSACTIONS *Insurance Companies IDENTIFICATION
INTEGRITY AND are transacted *Cash *No uderlying trade or legal *Jewelry Dealers of *System- to verify true
CONFIDENTIALI Unlawful- Offenses that generates dirty *Other Monetary Inst. obligation Precious stones/Metals – IDENTITY of clients.
TY of bank money.(AKA. Predicate Crimes.) - involving total amount *Client not clearly in excess of 1milloion.
accounts. in excess of 500,000 in 1 identified *Company Service -If Corp.
Money Laundering Offenses: banking day. *Amount involve not Providers Client=System should
*To ensure that (a) transacts said monetary instrument COMMENSURATE with *Any of which that verify legal
Phils. Shall not be or property; AMLC/functions Financial capacity. provide services: existence./organization
used as money (b) converts, transfers, disposes of, *The Anti-Money *All known circumstances - managing client’s money. al structure.
laundering site. moves, acquires, possesses or uses Laundering Council is -example: -Managing of bank,savings
said monetary instrument or property; hereby created and shall STRUCTURING -mananging companies RECORD KEEPING
(c) conceals or disguises the true be composed of the * circumstances that - *All RECORDS
nature, source, location, disposition, Governor of the Bangko DEVIATE from the EXCLUSION: -Should be stored at
movement or ownership of or rights Sentral ng Pilipinas as profile of the client or Prev. * Lawyers and least 5 years from the
with respect to said monetary chairman, the Trans. Accountants are date of transaction
instrument or property; Commissioner of the Not included-They are
(d) attempts or conspires to commit Insurance Commission acting as ind.legal prof. *If CLOSED accounts
money laundering offenses referred to and the Chairman of the -Disclosure will -Should be kept within
in paragraphs (a), (b) or (c); Securities and Exchange compromise their client 5 years from the date
(e) aids, abets, assists in or counsels Commission as members. confidences. closed.
the commission of the money *require/receive cov/sus.
laundering offenses referred to in *Apply freezing *Covered Institutions
paragraphs (a), (b) or (c) above; andS *Investigate suspi/cov. are required to report to
(f) performs or fails to perform any act *Implement necessary AMLC 5 days after the
as a result of which he facilitates the measures. covered/suspicious
offense of money laundering referred to *Filing of complaints transactions.occured
in paragraphs (a), (b) or (c) above. with the unless stated for any
DOJ/Ombudsman. period not longer that 10
days.