The AMLC issues this advisory to covered persons (CPs) to be vigilant in dealing with, or accepting fenced items. "Fencing" is the act of any person who, with intent to gain for himself or for another, shall buy, receive, possess, keep, acquire, conceal, sell or dispose of, or shall buy and sell, or in any other manner deal in any article, item, object or anything of value which he knows, or should be known to him, to have been derived from the proceeds of the crime of robbery or theft. Fencing is an unlawful activity and is a Violation of Presidential Decree No. 1612, otherwise known as the Anti-Fencing Law.
CPs are advised to conduct proper due diligence of their customers/clients and monitor transactions to recognize when a transaction, or a series of transactions, are unusual. Should there be transactions that are suspicious, appropriate Suspicious Transaction Reports (STRs) should be promptly filed with the AMLC. STRs should be filed, including attempts thereof, to the AMLC within the next working day from the date of establishment of suspicion or determination of the suspicious nature of the transaction.
Under the Anti-Money Laundering Act (AMLA) as amended, Suspicious Transactions are transactions with CPs, regardless of the amount involved, where any of the following circumstances exist:
(1) There is no underlying legal or trade obligation, purpose or economic justification;
(2) The customer is not properly identified;
(3) The amount involved is not commensurate with the business or financial capacity of the customer;
(4) Taking into account all known circumstances, it may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under the AMLA, as amended;
(5) Any circumstance relating to the transaction which is observed to deviate from the profile of the customer and/or the customer’s past transactions with the CP;
(6) The transaction is in any way related to an unlawful activity or offense under the AMLA, as amended, that is about to be, is being or has been committed; or
(7) Any transaction that is similar or analogous to any of the foregoing.
CPs are reminded that non-performance of their AML/CTF obligations such as customer due diligence, monitoring of transactions and filing of transaction reports, among others, are subject to enforcement actions under the Enforcement Action Guidelines, and/or administrative sanctions/penalties under the Rules of Procedure in Administrative Cases.
In its media advisory in GR Nos. 252578, et al. dated 09 December 2021, the Supreme Court announced the results of the voting on various procedural and substantive issues raised in the petitions challenging Republic Act (RA) No. 11479 or the Anti-Terrorism Act of 2020 (ATA) during its En Banc session on 07 December 2021.
Based on the media advisory, only the qualifier to the proviso in Section 4 and the second method for designation in paragraph 2, Section 25 were declared unconstitutional. This means that the ATA as a law as well as all other challenged provisions are constitutional. Correspondingly, this means that the powers and authority vested by the ATA on the Anti-Money Laundering Council (AMLC), such as the authority to freeze the assets of the designated individuals and organizations, and the authority to investigate property or funds and conduct bank inquiry related to terrorism and terrorism financing, are upheld as valid and constitutional.
While the AMLC has yet to receive the full text of the decision, the agency remains resolute in carrying out the authority vested upon it by the ATA and stands with the entire nation in upholding the State policy of protecting life, liberty, and property from terrorism and terrorism financing.
Posted 3 January 2022
In view of the rising COVID-19 cases in the Philippines, please be advised of the following:
Pursuant to Item V-A of Part 1, General Provisions of the 2021 AMLC Registration and Reporting Guidelines (ARRG), the periods 08 to 09, 15 to 16, 22 to 23, and 29 to 30 January 2022 fall on weekends, and 01 February 2022 is a special non-working day, thus, these non-working days shall be excluded from the counting of the prescribed reporting period.
Pursuant to Item V-C of Part 1, General Provisions of the 2021 ARRG, the Executive Director of the AMLC, recognizes the effects of the COVID-19 pandemic, thus 03 January 2022 to 04 February 2022 are considered non-reporting days and are excluded from the counting of the prescribed reporting period.
The foregoing is without prejudice to the voluntary submissions by covered persons of covered (CTRs) and suspicious transaction reports (STRs) within the reglementary period through the AMLC portal.
The AMLC continues to be one with the world in its fight against the COVID-19 pandemic.
Posted 14 January 2022
As the AMLC recognizes the significant impact of Typhoon Odette on business operations due to damages on power supply lines and communication lines, including internet connectivity, please be advised of the following:
Pursuant to Item V-C Part 1, General Provisions of the 2021 AMLC Registration and Reporting Guidelines (ARRG), 16 December 2021 to 31 January 2022 are officially declared as non-reporting days, limited only to areas affected by Typhoon Odette under Proclamation No. 1267 series of 2021, declaring a State of Calamity in Regions IV-B, VI, VII,VIII, X, and XIII, and shall be excluded from the counting of the prescribed reporting period, subject to the validation of the AMLC.
The foregoing is without prejudice to the voluntary submissions by covered persons (CPs) of covered (CTRs) and suspicious transaction reports (STRs) within the reglementary period through the AMLC portal.
Moreover, CPs located on the affected areas as well as CPs with branches operating in the said areas should submit all reportable transactions (C/STRs) when the situation permits and ensure that the proper institution code (incorporating the branch code if applicable) is entered in the transaction report.
Further, CPs shall request the exclusion of these subject transactions during AMLC’s compliance check on timeliness by providing documentation/proof that these are indeed subject to the localized non-reporting days, subject to the validation and approval of the AMLC.