.jpg){kind=small}
.jpg){kind=small}
AMLC Issues New Rules in Administrative Cases
The Anti-Money Laundering Council (AMLC) has issued the Rules of Procedure in Administrative Cases under Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as Amended, and its Implementing Rules and Regulations, and Guidelines and Other Issuances of the Anti-Money Laundering Council and the Imposition of Administrative Sanctions (RPAC). The adoption of the RPAC supersedes the Rules on Imposition of Administrative Sanctions (RIAS).
The salient features of the proposed RPAC are as follows:
1. Application: The RPAC is intended to apply to administrative cases for non-compliance with, or violations of the AMLA, as amended, and its implementing rules and regulations, and guidelines and issuances of the AMLC.
2. Coverage of administrative cases: The RPAC covers not only administrative cases against covered persons, but also those against its individual officers, directors, and employees of the covered person.
3. Lower monetary sanctions: Monetary sanctions under the RPAC are based on the covered person’s asset size, and gravity of the violation/non-compliance, based on a graduated scale of the proportion or amount involved. For light violations of compliance with transaction reporting requirements, the minimum penalty that may be assessed is Php1,500.00 for non-compliance with covered transaction reporting requirements for covered persons with small asset sizes, on a per account basis.
4. Enumeration of covered persons: Unlike the RIAS, the RPAC identifies the type of covered person subject of administrative cases.
To view the RPAC, click this link.
