See - Anti-Money Laundering Act (AMLA)
R.A. No. 9160, as amended by R.A. No. 9194 & R.A. No. 10167
Salient Features of R.A. No. 9160 (The Anti-Money Laundering Act (AMLA) of 2001)
a. Criminalizes money laundering.
b. Creates a Financial Intelligence Unit (FIU).
c. Imposes requirements on customer identification, record-keeping and reporting of covered and suspicious transactions.
d. Relaxes strict bank deposit secrecy laws.
e. Provides for freezing/seizure/forfeiture recovery of dirty money/property.
f. Provides for international cooperation.
Amendments under R.A. No. 9194
a. Lowers the threshold amount for single covered transactions (cash or other equivalent monetary instrument) from P4M to P500,000.00 within one (1) banking day.
b. Expands the reporting requirements to include the reporting of suspicious transactions regardless of the amount involved
c. Authorizes AMLC to inquire into or examine any particular deposit or investment, with any banking institution or non-bank financial institution and their subsidiaries and affiliates upon order of any competent court in cases of violation of this Act, when it has been established that there is probable cause that the deposits or investments are related to an unlawful activity. However, no court order is required in cases involving unlawful activities of kidnapping for ransom, narcotics offenses and hijacking, destructive arson and murder, including those perpetrated by terrorists against non-combatant persons and similar targets.
d. Authorizes the Bangko Sentral ng Pilipinas to inquire into or examine any deposit or investment with any banking institution or non-bank financial institution and their subsidiaries and affiliates when the examination is made in the course of a periodic or special examination, in accordance with the rules of examination of the BSP to ensure compliance with R.A. No. 9160, as amended.
e. Transfers the authority to freeze any money/property from the AMLC to the Court of Appeals.
Revised Implementing Rules And Regulations (Earlier IRRs considered herein)
The Revised Implementing Rules and Regulations of Republic Act No. 9160, as amended by Republic Act No. 9194 and Republic Act No. 10167.
R.A. No. 10167
a. allows application for bank inquiry ex parte
b. allows verified ex parte for freeze order