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AMLA Training Notes

The document discusses the fundamentals of anti-money laundering laws in the Philippines. It outlines the establishment of the Financial Action Task Force which sets international AML standards and led to the Philippines enacting the Anti-Money Laundering Act (AMLA) in 2001. Money laundering is defined as disguising illegally obtained funds to make them appear legitimate. AMLA covers predicate offenses like corruption, drug trafficking, and terrorism financing. Customer due diligence requirements are outlined, including customer identification, transaction reporting, and record keeping to prevent money laundering and terrorist financing.

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403 views2 pages

AMLA Training Notes

The document discusses the fundamentals of anti-money laundering laws in the Philippines. It outlines the establishment of the Financial Action Task Force which sets international AML standards and led to the Philippines enacting the Anti-Money Laundering Act (AMLA) in 2001. Money laundering is defined as disguising illegally obtained funds to make them appear legitimate. AMLA covers predicate offenses like corruption, drug trafficking, and terrorism financing. Customer due diligence requirements are outlined, including customer identification, transaction reporting, and record keeping to prevent money laundering and terrorist financing.

Uploaded by

Trinca Diploma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Atty.

Froilan

A. Fundamentals of AMLA

1. Financial Actions Task Force (FATF)


 Established in France in 1989
 Intergovernmental organization setting the international anti money laundering
and counter-terrorism financing through the FATF 30 Recommendations
 In 2000, Philippines was a non-cooperative country/blacklisted so sanctions are
imposed
o No amlaw
o No financial intelligence unit
o Very strict bank deposit secrecy law
 2001, AMLA took effect (as latest amendment in 2017)
2. Money Laundering
 Defined: process by which illegally obtained funds are given the appearance of
having obtained legitimately
o Disguise illegal origin
 Transnational crime and global problem
 How committed
o Refer to photo
 Elements (note: the predicate offense must take precedence over the
prosecution of AMLA, without suspending the freeze orders/remedies
available)
o Dirty money
o Unlawful activity
o Circumstances amounting to ML
o Knowledge
 Predicate Offenses
o Corruption-related crimes
o Drug trafficking
o Human trafficking
o Environmental crimes
o Fraud crimes
o Property crimes
o Violence
o Illegal gambling
o Terrorism
 Difference of the offenses provided in the AMLA with others not included?

o Remedies under AMLA


 Freeze order (but same lang attachment)
o Prosecution for BOTH predicate crime and AMLA
3. Terrorism Financing (see photo)
 Cost of terrorist attacks
4. Why do criminals launder money? TO AVOID RPC Art. 45 (forfeiture in favor of govt)
 Hide wealth
 Avoid prosecution or arrest
 Evade taxes
 Increase profits
 Give air of legitimacy
5. Preventive Measures
 Customer Identification (KYC)
 Transaction Reporting
 Record Keeping
6. Risks

B. Customer Due Diligence

7. Defined
 Process where relevant information about customer is collected and evaluation
for potential risk
 Background check on customer
8. Preventive Measures
 Customer Identification (KYC)
 Transaction Reporting
 Record Keeping
9. Customer identification
 Establish
 Record
 Verify
 Update
10. Enhanced Customer Diligence

Atty. Alday

Risk Management for Designated Non-Financial Business and Professions

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