Revised AMLA Implementing Rules and Regulations

"Covered Institution" includes banks, insurance companies, securities firms, money changers, and others regulated by BSP, IC, or SEC.
Categories include subsidiaries and affiliates with specific ownership thresholds.
"Customer" includes account holders, beneficiaries, trustees, and policyholders.
"Covered Transaction" defined as cash or equivalent exceeding PHP500,000 in one banking day.
"Suspicious Transactions" identified by lack of justification, improper ID, disproportionate amounts, structuring, connection to unlawful acts.
"Monetary Instrument" includes coins, currency, drafts, insurance policies, negotiable instruments.
"Offender" means any person committing money laundering.
"Proceeds" means amounts derived from unlawful activity, including all material results, financial means, and expenditures related.
"Supervising Authority" includes BSP, SEC, and IC.
"Unlawful activity" expansively defined including crimes like drug trafficking, graft, plunder, piracy, qualified theft, swindling, smuggling, hacking, hijacking, securities violations, and similar offenses.

Crime involves transacting or handling monetary instruments or property knowing they relate to unlawful proceeds.
Includes failure to disclose required information to AMLC.

Regional Trial Courts try money laundering cases; Sandiganbayan for cases involving public officers.
AMLC to investigate suspicious and covered transactions deemed suspicious.
Attempts to transact unlawful proceeds are prosecutable.

Comprised of BSP Governor (Chair), IC Commissioner, SEC Chair.
Acts unanimously; designated alternates may act.
Functions include receiving reports, investigating, prosecuting, freezing assets, mutual assistance, education, and imposing sanctions.
Authorized to develop information systems and coordinate with government agencies.

Headed by an Executive Director with qualifications including Philippine Bar membership.
Staff drawn from BSP, SEC, IC; considered BSP employees.
Strict confidentiality imposed on all Secretariat members.

Covered institutions must verify and record true client identities using official documents.
Enhanced due diligence for trustees, nominees, agents.
Minimum information required for individuals and corporations including identity documents and organizational details.
Prohibits anonymous or fictitious accounts.
Requires face-to-face contact for account opening.
Numbered accounts allowed only with established identity.
Records of transactions to be kept for 5 years; closed account records preserved likewise.
Reporting of covered and suspicious transactions within 5 working days, extended up to 10 if prescribed by supervising authority.
Reports are confidential, subject to safe harbor provisions and exemption from bank secrecy laws.

AMLC may apply ex-parte to Court of Appeals for freezing assets related to unlawful activity.
Freeze effective for 20 days, extendable.
Applies to related web of accounts connected to the monetary instruments or property.
Covered institutions must immediately freeze and notify account holders.
Freeze orders not applicable to candidates during election periods.

AMLC can examine deposits/investments with court order when probable cause exists.
For certain serious crimes (e.g. kidnapping, drug offenses, hijacking), AMLC may inquire without court order.
BSP authorized to examine banking records during periodic examinations and report violations to AMLC.

AMLC authorized to institute civil forfeiture proceeding through Solicitor General.
Court ordered seizures based on suspicious transaction reports apply Revised Rules of Court on forfeiture.
Offenders or interested parties may claim legitimate ownership through verified petition.
Court may order payment in lieu of forfeiture if property cannot be located or is compromised.

AMLC may execute or refuse foreign state requests for assistance based on mutuality and national interest.
Powers include freezing assets, providing information, and pursuing forfeiture orders.
AMLC may request similar assistance from foreign states.
Requests must meet requirements including case details and proper authentication.
Applies internationally in cooperation with UN and other organizations.
Money laundering recognized as extraditable offense.

Imprisonment and fines depend on specific money laundering offense:
- 7-14 years and Php3M to twice the monetary instrument value for primary offense.
- 4-7 years and Php1.5M to Php3M for facilitation.
- 6 months to 4 years or fine Php100k-500k for failure to disclose.
AMLC may impose administrative sanctions (Php100k to Php500k fines).
Additional penalties for malicious reporting, breach of confidentiality, refusal to testify.
Juridical persons liable through responsible officers; license suspension possible.
Alien offenders deported after serving penalties.

AMLA cannot be used for political persecution or commercial harassment.
No case for money laundering may target candidates during election period.
Freeze orders and forfeitures excluded during election periods to protect candidates.

BSP, IC, SEC to promulgate implementing rules within 30 days of effectivity.
Covered institutions to develop prevention programs, including know-your-customer policies, internal controls, compliance officers, training.
Programs to flag and monitor suspicious transactions regardless of amounts.

Composed of 7 members each from Senate and House, appointed based on proportional representation.
Powers include promulgating rules, overseeing implementation, reviewing AMLC rules.

Rules take effect after Congressional Oversight Committee approval and 15 days post-publication.

Existing freeze orders remain in force 30 days unless extended by Court of Appeals.
Existing extended freeze orders remain effective unless dissolved by the court.