AMLC STATEMENT ON SUPREME COURT’S DECISION ON FREEZING OF RELATED ACCOUNT

     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

AMLC’S STATEMENT ON THE RTC MUNTINLUPA’S JUDGMENT FORFEITING BANK ACCOUNTS CONNECTED WITH THE PASTILLAS SCAM

     On 17 March 2023, the Regional Trial Court of Muntinlupa City (RTC-Muntinlupa), Br. 203, rendered a Decision in the civil forfeiture case docketed as AMLA Case No. 22-001 forfeiting Php138,791.44 in bank accounts under the names of Joshua Paul C. Capiral, and Christopher John C. Capiral, among others, in connection with the so-called Pastillas Scam.

     The RTC-Muntinlupa’s Decision emphasized that regardless of the absence, pendency or outcome of a criminal prosecution for the unlawful activity or for money laundering, an action for civil forfeiture may be separately and independently prosecuted and resolved.

     The case is subject of an appeal.

Posted date: 27 July 2023

ALL COVERED PERSONS TO DEAL ONLY WITH DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS REGISTERED WITH THE AMLC

     AMLC Resolution No. 81 dated 09 May 2019 directed the issuance of an advisory to covered persons (CPs) dealing with clients who are classified under the sector of Designated Non-Financial Businesses and Professions (DNFBPs) to demand presentation of their Certificate of Registration (COR) or Provisional COR (PCOR) with the AMLC as part of Customer Due Diligence (CDD) measures under Section 3.5(b)(1) of the 2018 Implementing Rules and Regulations of the AMLA, as amended. Failure of a DNFBP to supply its P/COR is a ground to conduct enhanced due diligence measure (EDD) and/or to re-evaluate the business relationship. On the part of the CP failing to comply with this directive, it may be cited for the applicable administrative sanctions under the Rules of Procedure in Administrative Cases (RPAC).

     All CPs must deal only with registered DNFBPs with valid or subsisting P/COR or may risk being cited for a Serious Violation under Section 2(C)(25), Rule IV, of the RPAC.

     The updated list of Registered DNFBPs as of 31 May 2023 is posted at LIST OF REGISTERED DNFBPs page.

     For the names of newly registered DNFBPs not yet included in the list, CPs may contact for confirmation/validation the Registration Staff of the Compliance and Supervision Group, Detection and Prevention Department, at telephone numbers (632) 5302-3848, 5310-3244, 8708-7067. 

Posted at www.amlc.gov.ph on
23 June 2023

AMLC TRAININGS (JULY 2023)