In a Decision dated 13 October 2021, the Supreme Court, in G.R. No. 231495, dismissed the Petition for Review on Certiorari filed by BCD Foreign Exchange Corporation questioning the tagging of its account by a well-known universal bank  as related, and its consequent freezing pursuant to a freeze order of the Court of Appeals. The Supreme Court sustained the Anti-Money Laundering Council (AMLC) and the bank in freezing the account as related to the principal accounts in the freeze order case.

     The Supreme Court stressed that in freezing related accounts, a bank is guided by the clear definition of the Implementing Rules and Regulations of the Anti-Money Laundering Act of 2001, as Amended, and the Court of Appeals’ finding of probable cause that bank accounts identified by the AMLC as related. By tagging and freezing a related account with corresponding justification, banks merely comply in good faith the Court of Appeals’ freeze order.

     BCD may still seek reconsideration of the Supreme Court’s Decision.

Posted: 07 July 2023

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