Rule 3.e.3. No. Rule 16. Examples of such documents are identity cards and passports. Rule 9.a. Rule 7.b. Rule 3.d. Rule 9.a.14. Consumer Act of the Philippines R.A 7394 1. It also includes those persons who exercise ultimate effective control over a legal person or arrangement. Rule 9.a.5. - The penalty of imprisonment from six (6) months to four (4) years or a fine of not less than One Hundred Thousand Philippine Pesos (PHP100,000.00) but not more than Five Hundred Thousand Philippine Pesos (PHP500,000.00), or both, shall be imposed on a person convicted under Section 4(c) of the AMLA, as amended. However, where MIFT is utilized, the Supervising Authorities shall issue pertinent rules on validation procedures; (e)   Cross border and domestic wire/fund transfers and related message not exceeding a threshold amount to be determined by the Supervising Authorities or its equivalent in foreign currency shall include accurate and meaningful originator and beneficiary information. - The AMLC shall meet once a month, or as often as may be necessary at the call of the Chairman. /�1H0c��igi���%Yakre�#7e�n�;�UZX�4�p���2q���l���WeU��}��H��I�l5�nrK�[�ML{04�`�lה�֞���a����b��l;���~>˪��ܥ ����aM�J[. Pursuant to the provisions of Section 59 of Republic Act No. Any officer, employee, stockholder, owner, representative, agent, manager, director or officer-in-charge of any banking institution or non-bank financial institution who purposely fails or willfully refuses to permit the AMLC or its Secretariat’s duly authorized personnel to conduct an inquiry into or examination of any deposit or investment shall be punished by a fine of not less than One Hundred Thousand Philippine Pesos (PHP100,000.00) nor more than Five Hundred Thousand Philippine Pesos (PHP500,000.00). Purpose.-. The fines shall be in amounts as may be determined by the Council, taking into consideration all the attendant circumstances, such as the nature and gravity of the violation or irregularity, but in no case shall such fines be less than One Hundred Thousand Philippine Pesos (PHP100,000.00) but not to exceed Five Hundred Thousand Philippine Pesos (PHP500,000.00). Rule 9.b.4. - A covered institution shall undertake business/banking relationship with a shell company with extreme caution and always apply enhanced due diligence under Rule 9.a.9.a. Rule 3. 8792; the “Act”) is by all means a significant piece of legislation for the Philippines. 192, Series of 1987, the Department of Environment and Natural Resources hereby adopts and promulgates the following rules and regulations 10167 (the AMLA, as amended). Rule 17.c.2. The penalties may include fines plus imprisonment. Title. Philippines: Implementing rules and regulation of Republic Act no. Rule 6.g. “Property” includes any thing or item of value, real or personal, tangible or intangible, or any interest therein or any benefit, privilege, claim or right with respect thereto. REGULATIONS IMPLEMENTING REPUBLIC ACT NO. 9194 AND REPUBLIC ACT NO. Rule 9.a.20. 10667 (Philippine Competition Act) Foreign Bank Entry Liberalization Act (R.A. 10641)An Act Allowing Full Entry of Foreign Banks in the Philippines, Amending for the Purpose Republic Act No. “Customer” refers to any person or entity that keeps an account, or otherwise transacts business, with a covered institution and any person or entity on whose behalf an account is maintained or a transaction is conducted, as well as the beneficiary of said transactions. A copy of such rules and regulations shall be furnished the Congress of the Republic of the Philippines. - BSP Authority to check compliance with the AMLA, as amended, and these Rules. v*�7'`��VTJ_ͤ�O[�ʪ����ޙ�JXw�4�xQ/Z�c0M�n��Wh0xgq&�}v㨽�!p��Qg�E��`?N�fu�%�". “Covered Institution” refers to: Rule 3.a.1. Rule 1.b. The principles of mutuality and reciprocity shall, for this purpose, be at all times recognized. 1746 " An Act Creating The Construction Industry Authority of the Philippines" Rule 3.i.4. (b)   Assess the respondent institution’s anti-money laundering and terrorist financing controls. - A covered institution may rely on the customer identification process undertaken by a third party subject to the rules on Third Party reliance to be promulgated by the Supervising Authorities. Upon receipt of the notice of the freeze order, the covered institution concerned shall immediately freeze the monetary instrument or property and related accounts subject thereof. The originator person and the beneficiary person may be the same person. 7652, otherwise known as the “Investors’ Lease Act” Whereas, on May 31, 1993, the Congress of the Philippines enacted the “Investor’s Lease Act” which was subsequently signed into law by the President of the Philippines;. Composition. Upon receipt of the freeze order issued by the Court of Appeals and upon verification by the covered institution that the related accounts originated from and/or are materially linked to the monetary instrument or property subject of the freeze order, the covered institution shall freeze these related accounts wherever these may be found. Article 2. All members of the Secretariat shall be considered regular employees of the BSP and shall be entitled to such benefits and subject to such rules and regulations as are applicable to BSP employees of similar rank. Where additional information cannot be obtained, or any information or document provided is false or falsified, or result of the validation process is unsatisfactory, the beneficiary institution shall refuse to effect the wire/fund transfers or the pay-out of funds without prejudice to the reporting of a suspicious transaction to the AMLC when circumstances warrant; (d)   Whenever possible, manually initiated fund transfer (MIFT) instructions should not be the primary delivery method. Outsourcing of the gathering of minimum information and/or documents. Rule 3.g.1. –. 1937, as amended, otherwise known as the Tariff and Customs Code of the Philippines; (45)   Fraudulent importation of any vehicle; (46)   Fraudulent exportation of any vehicle; (47)   Assisting in any fraudulent importation; (48)   Assisting in any fraudulent exportation; (49)   Receiving smuggled article after fraudulent importation; (50)   Concealing smuggled article after fraudulent importation; (51)   Buying smuggled article after fraudulent importation; (52)   Selling smuggled article after fraudulent importation; (53)   Transportation of smuggled article after fraudulent importation; (54)   Fraudulent practices against customs revenue; (k.)  Violations under Republic Act No. Rule 3.e.2. The Philippine Internet community has played a major role in pushing for its passage. Rule 13.f. Rule 3.e. Implementing Rules and Regulations of the Philippine Ecological Solid Waste Management Act of 2000, Rule XIV - Operations of Sanitary Landfills. Review supporting transaction records and documents, including the electronic or manual AML/CFT system, for purposes of ascertaining that all covered and suspicious transactions were captured and reported to the AMLC, within the period allowed by the AMLA, as amended, and these Rules, and to determine proper maintenance and retention of transaction documents and records. Rule 12.d. 9829, OTHERWISE KNOWN AS THE “PRE-NEED CODE OF THE PHILIPPINES” Pursuant to the authority vested in the Insurance Commission under Section 58 of the Pre-Need Code, the following Rules and Regulations are hereby promulgated: RULE I GENERAL PROVISIONS Sec. It shall likewise guard against establishing relations with foreign financial institutions that permit their accounts to be used by shell banks. In case the identification document presented to the covered institution does not bear any photo of the customer or authorized signatory, or the photo bearing ID or a copy thereof does not clearly show the face of the customer or authorized signatory, a covered institution may utilize its own technology to take the photo of the customer or authorized signatory. 127 0 obj <>/Filter/FlateDecode/ID[<0D33F103E451EB84C387B7E8B469CFA1><5CC534582E50CD46B92E08EBBF77B86C>]/Index[109 36]/Info 108 0 R/Length 89/Prev 146653/Root 110 0 R/Size 145/Type/XRef/W[1 2 1]>>stream The covered institution shall likewise immediately furnish a copy of the notice of the freeze order upon the owner or holder of the monetary instrument or property or related accounts subject thereof. “Domestic Transfer” refers to any wire transfer where the originating and beneficiary institutions are located in the same country. Covered transaction reports and suspicious transaction reports shall be submitted in a secured manner to the AMLC in electronic form. (1)   Any person may be charged with and convicted of both the offense of money laundering and the unlawful activity as defined under Section 3.i of the AMLA, as amended. 9160, As Amended (A.M. No. It shall also refer to any chain of wire transfers that has at least one cross-border element. Rule 4. (c) An investment house includes an enterprise which engages or purports to engage, whether regularly or on an isolated basis, in the underwriting of securities of another person or enterprise, including securities of the Government and its instrumentalities. Wire/Fund Transfers. Rule 9.c.1. Smuggling under Sections 2702 and 2703 of Act No. 9470, OTHERWISE KNOWN AS THE NATIONAL ARCHIVES OF THE PHILIPPINES ACT OF 2007 Pursuant to Section 47 of Republic Act No. The elements of the offense of money laundering are separate and distinct from the elements of the felony or offense constituting the unlawful activity. Rule 3.e.1. Reporting of Covered and Suspicious Transactions. Every covered institution shall make available, upon request by the AMLC or the Supervising Authorities, its AML/CFT Program. Republic Act 8792, was signed into law last June 14, 2000. - The AMLC may apply, in the course of the criminal proceedings, for provisional remedies to prevent the monetary instrument or property, including related accounts, subject thereof from being removed, concealed, converted, commingled with other property or otherwise to prevent its being found or taken by the applicant or otherwise placed or taken beyond the jurisdiction of the court. (e) A reinsurance broker includes any person who, not being a duly authorized agent, employee or officer of an insurer in which any reinsurance is effected, acts or aids in any manner in negotiating contracts of reinsurance or placing risks of effecting reinsurance, for any insurance company authorized to do business in the Philippines. Rule 9.a.12. Knowledge of the offender that any monetary instrument or property represents, involves, or relates to the proceeds of an unlawful activity or that any monetary instrument or property is required under the AMLA, as amended, to be disclosed and filed with the AMLC, may be established by direct evidence or inferred from the attendant circumstances. “Transaction” refers to any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto. 10667” (Rules). BSP for money changers/foreign exchange dealers and remittance agents; (b)   Articles of Incorporation/Partnership; (c)   Latest General Information Sheet which lists the names of directors/trustees/partners, principal stock holders owning at least twenty percent (20%) of the outstanding capital stock and primary officers such as the President and Treasurer; (d)   Beneficial owners and beneficiaries of the corporate and/or juridical entities; (e)   Board or Partners’ resolution duly certified by the Corporate/Partners’ Secretary authorizing the signatory to sign on behalf of the entity; and. - The budget shall answer for indemnification for legal costs and expenses reasonably incurred for the services of external counsel in connection with any civil, criminal or administrative action, suit or proceeding to which members of the AMLC and the Executive Director and other members of the Secretariat may be made a party by reason of the performance of their functions or duties. By NPRM and Memorandum Opinion and Order [NPRM; 67 FR 62667 (10/8/02)] Unanimous Decision. 10168, otherwise known as the Terrorism Financing Prevention and Suppression Act of 2012: (114)  Directly or indirectly, willfully and, without lawful excuse, possessing, providing, collecting or using property or funds or making available property, funds or financial service or other related services, by any means, with the unlawful and willful intention that they should be used or with the knowledge that they are to be used, in full or in part: (a) to carry out or facilitate the commission of any terrorist act; (b) by a terrorist organization, association or group; or (c) by an individual terrorist; (115)  Organizing or directing others to commit financing of terrorism; (116)   Attempt to commit the crimes of financing of terrorism and dealing with property or funds of designated persons; (117)   Conspiracy to commit the crimes of financing of terrorism and dealing with property or funds of designated persons; (118) Cooperating, by previous or simultaneous acts, in the execution of either the crime of financing of terrorism or conspiracy to commit the crime of financing of terrorism; (119) Having knowledge of the commission of the crime of financing of terrorism but without having participated therein as principal, taking part subsequent to the commission of the crime of financing of terrorism by profiting from it or by assisting the principal or principals in the crime of financing of terrorism to profit by the effects of the crime, or by concealing or destroying the effects of the crime in order to prevent its discovery, or by harboring, concealing or assisting in the escape of the principal in the crime of financing of terrorism; and. – The AMLA, as amended, and these Rules shall not be used for political persecution or harassment or as an instrument to hamper competition in trade and commerce. (9)   All other accounts, shares, units or monetary instruments that are similar, analogous or identical to any of the foregoing. (section 33) To understand the E-Commerce Law further, you can also read the following: 1.) 4 : TFS Guidelines, 28 May 2020, AMLET-17-001 Anti-Money Laundering Council (AMLC) and AMLC Secretariat Forms of Issuances per AMLC Resolution No. - The penalty of imprisonment ranging from seven (7) to fourteen (14) years and a fine of not less than Three Million Philippine Pesos (PHP3,000,000.00) but not more than twice the value of the monetary instrument or property involved in the offense, shall be imposed upon a person convicted under Section 4 (a) of the AMLA, as amended. Rule 14.c. For this purpose, the AMLC shall install a computerized system that will be used in the creation and maintenance of an information database; (8)   to receive and take action in respect of any request from foreign states for assistance in their own anti-money laundering operations as provided in the AMLA, as amended. 11469, OTHERWISE KNOWN AS THE “BAYANIHAN TO HEAL AS ONE ACT” Uploaded on: April 1, 2020. “Covered Transaction” is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of five hundred thousand pesos (Php500,000.00) within one (1) banking day. It is the policy of the State to protect the interest of the consumer, promote his general welfare and to establish standards of conduct for business and industry. (2)   The Rule of Procedure in Cases of Civil Forfeiture, Asset Preservation, and Freezing of Monetary Instrument, Property, or Proceeds representing, Involving, or Relating to an Unlawful Activity or Money Laundering Offense under Republic Act No. Rule 13.e. Reduced Due Diligence. High-risk customer. Addenda to the Implementing Rules and Regulations of Republic Act No. “Offender” refers to any person who commits a money laundering offense. Rule 14.a.1. No shell bank shall be allowed to operate or be established in the Philippines. –. Covered and Suspicious Transaction Report Forms. Rule 15.a. Where additional information cannot be obtained, or any information or document provided is false or falsified, or result of the validation process is unsatisfactory, the beneficiary institution shall refuse to effect the wire/fund transfer or the pay-out of funds without prejudice to the reporting of a suspicious transaction to the AMLC when circumstances warrant. Rule 9.a.13. - Where the court has issued an order of forfeiture of the monetary instrument or property related to an unlawful activity under Section 3 (i) of the AMLA, as amended, or a money laundering offense under Section 4 of the AMLA, as amended, and said order cannot be enforced because any particular monetary instrument or property cannot, with due diligence, be located, or it has been substantially altered, destroyed, diminished in value or otherwise rendered worthless by any act or omission, directly or indirectly, attributable to the offender, or it has been concealed, removed, converted or otherwise transferred to prevent the same from being found or to avoid forfeiture thereof, or it is located outside the Philippines or has been placed or brought outside the jurisdiction of the court, or it has been commingled with other monetary instruments or property belonging to either the offender himself or a third person or entity, thereby rendering the same difficult to identify or be segregated for purposes of forfeiture, the court may, instead of enforcing the order of forfeiture of the monetary instrument or property or part thereof or interest therein, accordingly order the offender to pay an amount equal to the value of said monetary instrument or property. Covered institutions shall likewise keep the electronic copies of all covered and suspicious transaction reports for at least five (5) years from the dates of submission to the AMLC. 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2002; (3)   Hijacking and other violations under Republic Act No. Rule 10.c.1. The term “pre-need company” also refers to schools, memorial chapels, banks, non-bank financial institutions and other entities which have also been authorized/licensed to sell or offer to sell pre-need plans insofar as their pre-need activities or business are concerned. implementing rules and regulations of republic act no. - For purposes of this Act, the following terms are hereby defined as follows: Rule 3. a. (a) A subsidiary means an entity more than fifty percent (50%) of the outstanding voting stock of which is owned by a bank, quasi-bank, trust entity or any other institution supervised or regulated by the BSP. 9646, "An Act regulating the Practice of Real Estate Service in the Philippines, Creating for the Purpose a Professional Regulatory Board of Real Estate Service, Appropriating Funds … As intended, the passage of the Act has spurred investments in … Rule 17.a. 2.) 88, series of 2017, AMLET-17-002 AMLC Regulatory Issuance (ARI)(A) No. RULE 11.a.1 Notwithstanding the provisions of Republic Act No. Should a transaction be determined to be both a covered and a suspicious transaction, the covered institution shall report the same as a suspicious transaction. - The penalty of imprisonment from four (4) to seven (7) years and a fine of not less than One Million Five Hundred Thousand Philippine Pesos (PHP1,500,000.00) but not more than Three Million Philippine Pesos (PHP3,000,000.00), shall be imposed upon a person convicted under Section 4 (b) of the AMLA, as amended. Rule 8.b. However, the AMLC may refuse to comply with such request, convention, resolution or directive where the action sought therein contravenes the provisions of the Constitution, or the execution thereof is likely to prejudice the national interest of the Philippines; (9)   to develop educational programs on the pernicious effects of money laundering, the methods and techniques used in money laundering, the viable means of preventing money laundering and the effective ways of prosecuting and punishing offenders; (10) to enlist the assistance of any branch, department, bureau, office, agency or instrumentality of the government, including government-owned and -controlled corporations, in undertaking any and all anti-money laundering operations, which may include the use of its personnel, facilities and resources for the more resolute prevention, detection and investigation of money laundering offenses and prosecution of offenders. Full Title: Rules And Regulations Implementing The Telephone Consumer Protection Act of 1991 Document Type(s): Report and Order Bureau(s): Consumer and Governmental Affairs Description: Adopted Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991 as amended by the Bipartisan Budget Act of 2015 Prohibition against Certain Accounts. Annotations This is a pdf file. - A covered institution shall, on the basis of materiality and risk, update all identification information and documents of existing customers required to be obtained under the AMLA, as amended, and these Rules. Attempts at Transactions. (g)   Investment Advisor/Agent/Consultant shall refer to any person: (1)   who for an advisory fee is engaged in the business of advising others, either directly or through circulars, reports, publications or writings, as to the value of any security and as to the advisability of trading in any security; (2)   who for compensation and as part of a regular business, issues or promulgates, analyzes reports concerning the capital market, except: (b)   any journalist, reporter, columnist, editor, lawyer, accountant, teacher; (c)   the publisher of any bona fide newspaper, news, business or financial publication of general and regular circulation, including their employees; (e)   such other person not within the intent of this definition, provided that the furnishing of such service by the foregoing persons is solely incidental to the conduct of their business or profession. The Implementing Rules and Regulations, of Quarantine Act of 2004 (R.A. 9271) which has been enacted by the twelfth (12th) Congress of the Republic of the Philippines, serve as a revised and updated version of the IRR of the Quarantine Law of 1947 (R.A. 123). Water may be appropriated for the … �օ��_�ɏ4�-0���x�N�K�Θ�ɯ�}H-w^�R>�Wv�q:Iw�m��k�V�N�׌�t���@�zqQ�/FJ2 Suppletory Application of the Revised Rules of Court. Rule 14.a.2. Department of Trade and Industry: Department of Budget and Management . 6426, as amended, R.A. No. Raises doubt as to the accuracy of any information or document provided or the ownership of the entity; Justifies re-classification of the customer from low or normal risk to high-risk pursuant to these Rules or by its own criteria; or. – All laws, decrees, executive orders, rules and regulations or parts thereof, including the relevant provisions of Republic Act No. AMLET-18-04 Guidelines for DNFBPs, Suspicious Transaction Report Quality Review, A Risk Assessment on the Philippines’ Exposure to External Threats based on Submitted Suspicious Transaction Reports, 2018 Strategic Analysis Report: Pawnshop and MSB Industry, Results of the Risk Assessment of the Non-Porift Organization (NPO) Sector, 2018 Strategic Analysis Report: Virtual Currency, 2015 Strategic Analysis Report: Cross-Border Investment Fraud, AMLC Risk Information Sharing and Typologies on Drug Trafficking, AMLC Risk Assessment on Internet-based Casino Sector in the Philippines, COVID-19 Financial Crime Trend Analysis and Typologies Brief, AMLC study on online sexual exploitation of children. Repealing Clause. Implementing Rules and Regulations. Penalties for the Crime of Money Laundering. Smoking is prohibited in enumerated indoor public places and workplaces such as government facilities, healthcare and educational institutions, and facilities frequented by minors while, in other public places and workplaces, including bars and nightclubs, designated smoking areas are allowed. RULE 11 Authority to Inquire into Deposits or Investments. Rule 3.b.1. Rule 1.a. Refusal by a Public Official or Employee to Testify. These rules and regulations shall be referred to as the “Implementing Rules and Regulations of Republic Act No. 9295, entitled “an act promoting the development of philippine domestic shipping, shipbuilding, and ship repair and ship breaking, ordaining reforms in government policies towards shipping in the philippines… In case a covered institution has doubts as to whether such persons are being used as dummies in circumvention of existing laws, it shall immediately make the necessary inquiries to verify the status of the business relationship between the parties. Rule 13.g. (1)   Upon verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to any unlawful activity as defined in Rule 3.h hereof or to a money laundering offense, the Court of Appeals may issue a freeze order on said monetary instrument or property which shall be effective immediately. Swindling under Article 315 of the Revised Penal Code, as amended; (35)  Estafa with unfaithfulness or abuse of confidence by altering the substance, quality or quantity of anything of value which the offender shall deliver by virtue of an obligation to do so, even though such obligation be based on an immoral or illegal consideration; (36) Estafa with unfaithfulness or abuse of confidence by misappropriating or converting, to the prejudice of another, money, goods or any other personal property received by the offender in trust or on commission, or for administration, or under any other obligation involving the duty to make delivery or to return the same, even though such obligation be totally or partially guaranteed by a bond; or by denying having received such money, goods, or other property; (37)  Estafa with unfaithfulness or abuse of confidence by taking undue advantage of the signature of the offended party in blank, and by writing any document above such signature in blank, to the prejudice of the offended party or any third person; (38)   Estafa by using a fictitious name, or falsely pretending to possess power, influence, qualifications, property, credit, agency, business or imaginary transactions, or by means of other similar deceits; (39)   Estafa by altering the quality, fineness or weight of anything pertaining to his art or business; (40)   Estafa by pretending to have bribed any government employee; (41)   Estafa by postdating a check, or issuing a check in payment of an obligation when the offender has no funds in the bank, or his funds deposited therein were not sufficient to cover the amount of the check; (42)    Estafa by inducing another, by means of deceit, to sign any document; (43)    Estafa by resorting to some fraudulent practice to ensure success in a gambling game; (44)    Estafa by removing, concealing or destroying, in whole or in part, any court record, office files, document or any other papers; (j.) ) otherwise known as the Revised Penal Code, as amended by unanimous vote of the Administrative sanctions be! 62667 ( 10/8/02 ) where the customer information between client and lawyer ) and is an unofficial compilation of institutions. 1746 `` an Act Creating the construction Industry Authority of the AMLC Secretariat in Food. 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