QuestionsQuestions (Republic Act No. 9194)
A transaction in cash or other equivalent monetary instrument involving a total amount in excess of PHP 500,000.00 within one (1) banking day.
Any transaction with covered institutions, regardless of amount, where any of the listed circumstances exist—e.g., no underlying legal/trade purpose or economic justification; client not properly identified; amount not commensurate with client’s capacity; structuring to avoid reporting; deviation from client profile; related to unlawful activity; or similar/analogous to any of these.
Because one ground for a suspicious transaction is that there is no underlying legal or trade obligation, purpose, or economic justification.
Yes. Suspicious transactions are defined as transactions with covered institutions where the listed circumstances exist, regardless of the amounts involved.
It updates/amends the enumeration of predicate crimes/offenses that constitute “unlawful activity,” including specified offenses under the Revised Penal Code, RA 9165 (Dangerous Drugs), RA 3019 (Anti-Graft), RA 7080 (Plunder), RA 455/1937 (Smuggling), RA 8792 (Electronic Commerce), RA 6235 (Hijacking), RA 8799 (Securities Regulation Code), and felonies similar to offenses punishable under penal laws of other countries.
It is committed by any person who (a) knowing that a monetary instrument/property represents/involves/relates to proceeds of unlawful activity, transacts or attempts to transact; (b) knowing it involves proceeds of unlawful activity, performs or fails to perform an act facilitating the laundering referred to in (a); or (c) knowing that the instrument/property is required under the Act to be disclosed and filed, fails to do so.
It is composed of the BSP Governor as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members, and it shall act unanimously in the discharge of its functions.
To require and receive covered or suspicious transaction reports from covered institutions, and (within its functions) to investigate them and take appropriate actions including recommendations/orders and filing complaints/proceedings.
The Court of Appeals may issue a freeze order upon ex parte application by the AMLC after determination of probable cause that the instrument/property is in any way related to an unlawful activity. The freeze order is effective immediately and lasts for 20 days unless extended by the court.
Within five (5) working days from occurrence, unless the Supervising Authority prescribes a longer period not exceeding ten (10) working days.
It must be reported as a suspicious transaction.
Covered institutions and their officers/employees are prohibited from communicating (directly or indirectly) to any person, entity, or the media the fact, contents, or any other information related to the filing of covered/suspicious transaction reports. Violation makes the concerned officer/employee and media criminally liable (as stated in the text).
Yes. No administrative, criminal, or civil proceedings shall lie against a person who made a report in the regular performance of duties in good faith, whether or not reporting results in any criminal prosecution, as stated in the provided text.
The text provides that no court order shall be required in cases involving unlawful activities defined in Sections 3(i)(1), (2), and (12).
It revises/sets penalties for malicious reporting (including imprisonment and fine; corporate/juridical person liability; treatment of aliens; disqualification of public officials; and penalties relating to refusal to testify) and it adds/adjusts penalties for breach of confidentiality—imposing imprisonment and fine for violations of Section 9(c), with specific liability for media personnel when the breach is published/reported by media.
The text provides that Section 15 of RA 9160 is hereby deleted, meaning whatever provision previously existed in Section 15 is removed from the law as amended by RA 9194.
It takes effect 15 days after complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation. Existing freeze orders issued by AMLC remain in force for 30 days after effectivity unless extended by the Court of Appeals.