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ANTI-MONEY
LAUNDERING ACT
By: ATTY. JACINTO D. JIMENEZ
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III. Prevention
of Money Laundering
A. Covered institutions shall establish and record
the true identity of their clients based on official documents.
1.
Anonymous accounts, accounts under
fictitious names, and all other similar accounts are prohibited.
2.
Non-checking numbered accounts are allowed.
B. All records of
all transactions of covered institutions shall be maintained for five
years from their dates.
C. Covered
institutions shall report to the Anti-Money Laundering Council all
covered and suspicious transactions within five working days from their
occurrence, unless the Supervising Authority prescribes a longer period
not exceeding ten working days.
1.
Reporting covered transactions are not covered by Republic Act 1405,
Republic Act 6426, Republic Act 8741 and other similar laws.
2.
No
proceeding shall lie against a person for making a covered or suspicious
transaction report in the regular performance of his duties and in good
faith. (Section 9)
IV. Authority to
Freeze
The Court of Appeals,
upon application ex parte by the Anti-Money Laundering Council,
and after determination that probable cause exists that any monetary
instrument or property is related to an unlawful acting may issue a
freeze order for twenty days unless extended by it. (Section 10)
V. Inquiry into
Bank Deposits
The Anti-Money Laundering Council may inquire into any
deposit or investment with any bank or financial institution upon order
of a court in case of violation of this Act if there is probable cause
that it is related to an unlawful activity or a money laundering
activity, but no court order is required in cases involving unlawful
activities in Section 3 (i) (1) (2) and (12), i.e. kidnapping for
ransom, violation of the Comprehensive Dangerous Drugs Act, and
hijacking, destructive arson and murder.
To ensure compliance with this Act, the Bangko Sentral ng
Pilipinas may inquire at any deposit or investment with any bank or
financial institution in the course of a periodic or special examination
(Section 11).
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