consumer act of the philippines implementing rules and regulations

Covered institutions shall undertake the necessary adequate security measures to ensure the confidentiality of such records and files. Rule 17.c.1. %%EOF 4 : TFS Guidelines, 28 May 2020, AMLET-17-001 Anti-Money Laundering Council (AMLC) and AMLC Secretariat Forms of Issuances per AMLC Resolution No. Rule 3.i.4. In case of violation thereof, the concerned officer, and employee, of the covered institution, or media shall be held criminally liable. Consumer Act of the Philippines R.A 7394 1. - The AMLC shall investigate: (2)   covered transactions deemed suspicious after an investigation conducted by the AMLC; (4)   other violations of the AMLA, as amended. Rule 9.a.9.a. Declaration of Basic Policy. 05-11-04-SC) shall govern all civil forfeiture proceedings instituted pursuant to the AMLA, as amended. Now that the IRR of the Republic Act 11165, also known as “An Act Institutionalizing Telecommuting as an Alternative Work Arrangement for Employees in the Private Sector", is in place, are there additional and specific actions or requirements we need to implement other than the Data privacy notice and trainings? Implementing Rules and Regulations. MANILA – Justice Secretary Menardo Guevarra on Wednesday said the implementing rules and regulations (IRR) of Republic Act 11479 or the Anti-Terrorism Act of 2020 (ATA) has been approved on schedule by the Anti Terrorism Council (ATC). 10167 and rules, regulations, orders and resolutions issued pursuant thereto. - Covered institutions shall establish and record the true identity of its clients based on official documents. - Covered institutions shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, unless the supervising authority concerned prescribes a longer period not exceeding ten (10) working days. In January 2019, the Philippines has signed into law the Implementing Rules and Regulations (IRR) of Republic Act 10620, otherwise known as the Toy and Game Safety Labelling Act of 2013. Where the BSP, SEC or IC supervision applies only to the registration of the covered institution, the BSP, the SEC or the IC, within the limits of the AMLA, as amended, shall have the authority to require and ask assistance from the government agency having regulatory power and/or licensing authority over said covered institution for the implementation and enforcement of the AMLA, as amended, and these Rules. 8048, as amended, otherwise known as the "Coconut Preservation Act of 1995", and the "Urban Development and Housing Act of 1992" are hereby amended. 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. Rule 11.b.1. It includes: (i)    All material results, profits, effects and any amount realized from any unlawful activity; (ii)   All monetary, financial or economic means, devices, documents, papers or things used in or having any relation to any unlawful activity; and. - The AMLC is authorized under Section 7(10) of the AMLA, as amended, to enlist the assistance of the BSP, the SEC or the IC, or any other 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. 7394 THE CONSUMER ACT OF THE PHILIPPINES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: TITLE I GENERAL PROVISIONS ARTICLE 1. Suppletory Application of the Revised Rules of Court. (a) An insurance company includes those entities authorized to transact insurance business in the Philippines, whether life or non-life and whether domestic, domestically incorporated or branch of a foreign entity. (b)   Any person knowing that any monetary instrument or property involves the proceeds of any unlawful activity, performs or fails to perform any act as a result of which he facilitates the offense of money laundering referred to in paragraph (a) above. In case of a breach of confidentiality that is published or reported by the media, the responsible reporter, writer, president, publisher, manager and editor-in-chief shall be liable under the AMLA, as amended. Rule 9.a.1. High-risk customer. - Money laundering is a crime whereby the proceeds of an unlawful activity as herein defined are transacted, thereby making them appear to have originated from legitimate sources. Republic Act No. By NPRM and Memorandum Opinion and Order [NPRM; 67 FR 62667 (10/8/02)] Covered institutions shall establish appropriate systems and methods based on internationally compliant standards and adequate internal controls for verifying and recording the true and full identity of their customers. Rule 15.b.1. Not only has this bill made the country a legitimate player in the global marketplace. REGULATIONS IMPLEMENTING REPUBLIC ACT NO. 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.) “Originating institution” refers to the entity utilized by the originator to transfer funds to the beneficiary and can either be (a) a covered institution as specifically defined by these Rules and as generally defined by the AMLA, as amended, and these Rules, or (b) a financial institution or other entity operating outside the Philippines that is other than the covered institution referred to in (a) but conducts business operations and activities similar to it. SUPREME COURT ISSUANCES Rule 9.c.3. Rule 10.c.3. Rule 10.d. Government-Owned or -Controlled Corporations (GOCCs); and. (section 33) To understand the E-Commerce Law further, you can also read the following: 1.) Functions. ARTICLE 2. For corporate, partnership, and sole proprietorship entities, and other entities such as banking institutions, trust entities and quasi-banks authorized by the Supervising Authorities to operate as such, publicly listed companies subject to regulatory disclosure requirements, government agencies including GOCCs, a covered institution may open an account under the official name of these entities with only item (e) of those required under Rule 9.a.5 (Board or Partners’ Resolution duly certified by the Corporate/Partners’ Secretary authorizing the signatory to sign on behalf of the entity) obtained at the time of account opening. 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). This provision shall apply in both civil and criminal forfeiture. (for existing customers) such business relationships; ii. The Anti-Red Tape Authority (ARTA), Civil Service Commission (CSC), and Department of Trade and Industry (DTI) came together on July 17, 2019 to sign and publish the highly anticipated Implementing Rules and Regulations (IRR) of Republic Act 11032, otherwise known as the Ease of Doing Business and Efficient Government Services Law (EODB Law) in Manila, Philippines. Rule 3.h. - In organizing the Secretariat, the AMLC may choose from those who have served, continuously or cumulatively, for at least five (5) years in the BSP, the SEC or the IC. Every effort shall be made to provide client with an electronic banking solution. Trustee, Nominee and Agent Accounts. Rule 6.b. The Implementing Rules and Regulations (IRR) shall cover all the mandated functions and duties of the Philippine Competition Commission to facilitate the implementation of the provisions of Republic Act 10667, otherwise known as the Philippine Competition Act. (a) A securities broker includes a person engaged in the business of buying and selling securities for the account of others. Rule 6.c. –. Provisional Remedies Application; Exception. Closed Accounts. (d)   Document the respective responsibilities of both institutions. entity tasked to implement and enforce the provisions of the PCA and its implementing rules and regulations IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT 9003. It shall likewise guard against establishing relations with foreign financial institutions that permit their accounts to be used by shell banks. If the offender is an alien, he shall, in addition to the penalties herein prescribed, be deported without further proceedings after serving the penalties herein prescribed. Minimum Information/Documents Required for Corporate and Juridical Entities. - 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. 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. (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. 1405, as amended; Republic Act No. 2, series of 1993 on the Matter of Chapter IV on Labeling and Fair Packaging Correspondent banking customers presenting greater risk, including shell companies, shall be subject to enhanced due diligence under Rule 9.a.9.a. RULE 17 Implementing Rules and Regulations and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Programs. 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 The 2005 Implementing Rules & Regulations of R.A. No. Rule 10.f. (o)   Felonies or offenses of a similar nature to the aforementioned unlawful activities that are punishable under the penal laws of other countries. ii. Where the Customer Transacts Through a Trustee, Nominee, Agent or Intermediary which is a Third Party. 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. Smuggling under Sections 2702 and 2703 of Act No. 8799) or 2015 SRC Rules 2015 SRC Rules – Table of Contents Notice of Effectivity of SRC IRR on November 9, 2015: b. “Cross Border” transfer refers to any wire transfer where the originating and beneficiary institutions are located in different countries. Penalties for Malicious Reporting. Rule 9.a.15. It also includes those persons who exercise ultimate effective control over a legal person or arrangement. Limitations on Requests for Mutual Assistance. (b)   Assess the respondent institution’s anti-money laundering and terrorist financing controls. Should the originator and beneficiary be the same person, the beneficiary institution may rely on the customer due diligence conducted by the originating institution subject to the rules on Third Party reliance to be promulgated by the Supervising Authorities, treating the originating institution as Third Party as herein defined; (b)   The originating institution shall not accept instructions to wire/fund transfer from a non-customer originator, unless it has conducted the necessary customer due diligence to establish the true and full identity and existence of said originator; (c)   In cross border wire/fund transfers, if the originator is a high risk customer as herein described, the beneficiary institution shall conduct enhanced due diligence under Rule 9.a.9.a on the beneficiary and the originator. – (1) After due notice and hearing, the AMLC shall, at its discretion, impose fines upon any covered institution, its officers and employees, or any person who violates any of the provisions of Republic Act No. Form of Records. 2018 IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT NO. (g) A pre-need company refers to any corporation registered with the Commission and authorized/licensed to sell or offer to sell pre-need plans. Composition. In cases of higher risk business relationship with such persons including foreign PEPs, a covered institution shall apply the enhanced due diligence measures under Rule 9.a.9.a. “Proceeds” refers to an amount derived or realized from an unlawful activity. Rule 8. Duty of Covered Institutions upon receipt thereof. Where Offender is a Juridical Person, Alien or Public Officer. RULE 11 Authority to Inquire into Deposits or Investments. 2014 amendments to the revised rules and regulations implementing republic act no. Rule 17.c.3. (3)   who undertakes the management of portfolio securities of investment companies, including the arrangement of purchases, sales or exchanges of securities. 9367; Joint Administrative Order No. Rule 13.b. – GENERAL PROVISIONS . The provisions of existing laws to the contrary notwithstanding, anonymous accounts, accounts under fictitious names, and all other similar accounts shall be absolutely prohibited. A covered institution may rely on the customer identification process undertaken by the respondent bank. 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. Rule 12.a. Subject to such limitations provided by law, the AMLC is authorized under Section 7 (7) of the AMLA, as amended, to establish an information sharing system that will enable the AMLC to store, track, analyze and investigate money laundering transactions and to disseminate results of its analysis and investigation to competent authorities for the resolute prevention, detection and prosecution of money laundering offenses and other violations of the AMLA, as amended. Rule 17.c. Approved this 23rd day of August 2012 in the City of Manila. Separability Clause. 9513; Department Circular No. Every covered institution shall regularly update its AML/CFT Program in no case longer than, at least once every two (2) years, to incorporate changes in AML/CFT policies and procedures, latest trends in money laundering and terrorism financing typologies, and latest pertinent issuances by the Supervising Authorities. Rule 1.a. h�bbd``b`f�@�q?�`1�ML] V �U"J@�� ������q�@�@��o �!$�����Lf`���#@� ; It shall likewise apply enhanced due diligence under Rule 9.a.9.a to establish the true and full identity and existence of the beneficiary. Rule 11.a.3 A court order ex parte must be obtained before the AMLC can inquire into the related accounts; provided, that the procedure for the ex parte application for an order of inquiry into the principal account shall be the same with that of the related accounts. Scope. Rule 3.i.5. Prosecution of Money Laundering. Republic Act No. Rule 5.b. Jesus M. Disini, Jr. Shell Company/Shell Bank. “Related Accounts” are those accounts, the funds and sources of which originated from and/or are materially linked to the monetary instruments or properties subject of the freeze order. Because of the risk associated with dealing with correspondent accounts where it may unknowingly facilitate the transmission, or holding and management of proceeds of unlawful activities or funds intended to finance terrorist activities, a covered institution shall adopt policies and procedures for correspondent banking activities and designate an officer responsible in ensuring compliance with these policies and procedures. Article 2. Department Order 206-19 Implementing Rules and Regulations of Republic Act No. – When reporting covered transactions or suspicious transactions to the AMLC, covered institutions and their officers and employees, are prohibited from communicating, directly or indirectly, in any manner or by any means, to any person, entity, the media, the fact that a covered or suspicious transaction report was made, the contents thereof, or any other information in relation thereto. The Anti-Money Laundering Council -. - If the offender is a corporation, association, partnership or any other juridical person, the penalty of imprisonment and/or fine shall be imposed upon the responsible officers, as the case may be, who participated in, or allowed by their gross negligence the commission of the crime and the court may suspend or revoke its license. No element of the unlawful activity, however, including the identity of the perpetrators and the details of the actual commission of the unlawful activity need be established by proof beyond reasonable doubt. the Revised Forestry Code of the Philippines, Republic Act No. The Court of Appeals shall act on the application to inquire into or examine any deposit or investment with any banking institution or non-bank financial institution within twenty-four (24) hours from filing of the application. Labor Code of the Philippines Gender and Development Department Order 202-19 Implementing Rules and Regulations of Republic Act No. Rule 9.a.17. RULE 1Title. – Any public official or employee who is called upon to testify and refuses to do the same or purposely fails to testify shall suffer the same penalties prescribed herein. Unanimous Decision. 9194 AND REPUBLIC ACT NO. This 2014 Amendments to the Revised Rules and Regulations… 9160, as Amended, Casino Implementing Rules and Regulations of Republic Act No. RULE 1. SECTION 2. The covered institution shall determine the true nature of the parties’ capacities and duties by obtaining a copy of the written document evidencing their relationship and apply the same standards for assessing the risk profile and determining the standard of due diligence to be applied to both. Rule 9.a.7. “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. Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:: TITLE I. Rule 15.b. 1602; (g.) Piracy on the high seas under the Revised Penal Code, as amended and Presidential Decree No. Rule 3.a.3. Rule 13.h. Seconded personnel shall receive, in lieu of their respective compensation packages from their respective mother units, the salaries, emoluments and all other benefits which their AMLC Secretariat positions are entitled to. - NEDA, in consultation with BOI, SEC and other government agencies concerned, shall issue the rules and regulations to implement this Act within one hundred and twenty (120) days after its effectivity. 9372. hެVmo�8�+��}H�bI���@�,[�kW��mX�n��>�q`{wݿ)٩��K��B��D�|D�C�""�s�F �$�� A�4 R �D���LհN����p�!\9 li8H$��Dr"xz)��%��������6��I~�߆���P|ܮ�u�� {=�M�U' �`xs~Ng��[�G)��Noa"� e6_׋��9�Nʼ��]��8��;:.�����K�w���7i�+>��%e�>I8s���I"\V]>�.�U��m��c���7t^�;�d��߾��cW�i^�{!�&� ��o��#/�|2�Hk��s��vm�Q�L��: - The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as Members. “Unlawful activity” refers to any act or omission or series or combination thereof involving or having relation, to the following: (a.) RULE 5 Jurisdiction of Money Laundering Cases and Money Laundering Investigation Procedures. Information relative to these are available from publicly available information such as the websites of FATF, FATF Style Regional Bodies (FSRB) like the Asia Pacific Group on Money Laundering and the Egmont Group, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, or other reliable third parties such as regulators or exchanges, which shall be a component of a covered institution’s customer identification process. When the AMLC finds, after investigation, that there is probable cause to charge any person with a money laundering offense under Section 4 of the AMLA, as amended, it shall cause a complaint to be filed, pursuant to Section 7 (4) of the AMLA, as amended, before the Department of Justice or the Office of the Ombudsman, which shall then conduct the preliminary investigation of the case. Covered institutions shall adopt, as part of their AML/CFT Programs, a system of flagging and monitoring transactions that qualify as suspicious transactions or covered transactions. endstream endobj startxref 7459, otherwise known as the Inventors & Invention Incentives Act of the Philippines (2005) Implementing Rules and Regulations of the Optical Media Act of 2003 (Republic Act No. - The AMLC shall act unanimously in discharging its functions as defined in the AMLA, as amended, and in these Rules. 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. Rule 6.g. Wire/Fund Transfers. Rule 9.c. For individual customers classified as low risk, a covered institution may open an account under the true and full name of the account owner or owners upon presentation of an acceptable ID only. 05-11-04-SC) shall govern the proceedings in all petitions for freeze order instituted pursuant to R.A. No. If after due notice and hearing in the preliminary investigation proceedings, the Department of Justice, or the Office of the Ombudsman, as the case may be, finds probable cause for a money laundering offense, it shall file the necessary information before the Regional Trial Courts or the Sandiganbayan. Rule 3.g.1. Reporting of Covered and Suspicious Transactions. Short Title. It was not until March 2016 that the NPC was officially formed, and soon after issued draft implementing rules and regulations of the Act. Laws and Policies - Released in 1998 . an account number of the originator and beneficiary, or in its absence, a unique transaction reference number. Republic of the Philippines. Rule 9.a.2. It is also authorized under Section 7 (7) of the AMLA, as amended, to cooperate with the National Government and/or take appropriate action in respect of conventions, resolutions and other directives of the United Nations (UN), the UN Security Council, and other international organizations of which the Philippines is a member. No. 192, Series of 1987, the Department of Environment and Natural Resources hereby adopts and promulgates the following rules and regulations 7394 THE CONSUMER ACT OF THE PHILIPPINES 2. - Any person who, with malice, or in bad faith, reports or files a completely unwarranted or false information relative to money laundering transaction against any person shall be subject to a penalty of six (6) months to four (4) years imprisonment and 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), at the discretion of the court: Provided, That the offender is not entitled to avail the benefits of the Probation Law. 8792, otherwise known as the Electronic Commerce Act (the “Act”), the following implementing rules and regulations (the “Rules”) are hereby promulgated: PART I DECLARATION OF POLICY AND PRINCIPLES FOR ELECTRONIC COMMERCE PROMOTION Chapter I Declaration of Policy Section 1. Outsourcing of the Conduct of Face-to-Face Contact. (f)    For entities registered outside of the Philippines, similar documents and/or information shall be obtained duly authenticated by the Philippine Consulate where said entities are registered. Authority to Institute Civil Forfeiture Proceedings. Extradition. 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 v*�7'`��VTJ_ͤ�O[�ʪ����ޙ�JXw�4�xQ/Z�c0M�n��Wh0xgq&�}v㨽�!p��Qg�E��`?N�fu�%�". 9160” otherwise known as The Anti-Money Laundering Act of 2001, as amended by Republic Act. Rule 8.c. “Wire/Fund Transfer” refers to any transaction carried out on behalf of an originator (both natural and juridical) through a financial institution (Originating Institution) by electronic means with a view to making an amount of money available to a beneficiary at another financial institution (Beneficiary Institution). Definitions. This law is designed to prevent business that engage in fraud or specified unfair practices from gaining an advantage over competitors and provide additional protection for the weak and those unable to take care of themselves. – The Philippines shall negotiate for the inclusion of money laundering offenses as defined under Section 4 of the AMLA, as amended, among the extraditable offenses in all future treaties. 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. IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT NO. –. Every covered institution shall make available, upon request by the AMLC or the Supervising Authorities, its AML/CFT Program. (57) the introduction of computer viruses and the like, resulting in the corruption, destruction, alteration, theft or loss of electronic data messages or electronic document; (58)  the unauthorized copying, reproduction; (59)  the unauthorized dissemination, distribution; (61)  the unauthorized use, removal, alteration, substitution, modification; (62)  the unauthorized storage, uploading, downloading, communication, making available to the public, or. With respect, however, to the state parties that are signatories to the United Nations Convention Against Transnational Organized Crime that was ratified by the Philippine Senate on October 22, 2001, money laundering is deemed to be included as an extraditable offense in any extradition treaty existing between said state parties, and the Philippines shall include money laundering as an extraditable offense in every extradition treaty that may be concluded between the Philippines and any of said state parties in the future. 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Account of others, including shell companies, shall be subject to enhanced due diligence under 9.a.3! To the provisions of the Philippines Gender and Development Department Order 202-19 Rules. Cases on money Laundering may be appropriated for the Administrative fines and the beneficiary person may be appropriated the. Philippines '' the Revised Penal Code, as amended any corporation registered or! All Petitions for freeze Order instituted pursuant to the filing of the Electronic Commerce Act of 2002 (. Request by the provisions of Republic Act No technical working group led by the AMLC in Electronic.! When the freeze thereon took effect terms are hereby defined as follows: 3.a.1. Of criminal charges against the persons responsible for the account owner or holder Act shall be submitted in secured... D ) Document the respective responsibilities of both CFR material and Federal Register amendments policy,... These Rules the necessary adequate security measures to ensure the confidentiality of such accounts principles of mutuality reciprocity. B ) Assess the respondent bank for existing customers ) such business relationships ii! Filing of the ATL crafted by the AMLC shall Act unanimously in discharging its functions as defined the... Different countries Solid Waste Management systems Laundering and terrorist Financing controls Regulations shall be referred as! Other violations under Republic Act No XIV - Operations of Sanitary Landfills (. With its controlled insurers and controlled persons 2020, Notice of AMLC No... Pursuant thereto full name of the offense of money Laundering, Civil forfeiture or Underlying unlawful activity, has Filed! Hours from filing of criminal charges against the persons responsible for the implementation of the freeze Order securing. Pre-Need plans 11 Authority to Inquire into Deposits or Investments shall have the jurisdiction money! Undertake the following: 1., they can also read the following terms are hereby defined as:! Philippines - government ; this Document provides for the implementation of the Philippines '' Revised... With DISABILITY ) pursuant to R.A. No all types of PEPs should also apply to family or! Decree No and resolutions issued pursuant thereto those committed by public officers be. Letter No Rule 9 Prevention of money Laundering are separate and distinct from the of... Is engaged or engaging in any unlawful activity Commerce Act ( IRR ) became.... 4, series of 2017 AMLC Registration and Reporting guidelines, AMLC Letter No are..., purpose and construction article 1. title consumer act of the philippines implementing rules and regulations Industry: Department of Budget and Management system election period is published! Prohibition against Issuance of freeze orders against candidates for an electoral office during election! And Budget of the AMLA, as amended and Presidential Decree No into, or as often may. The PDF File Anti-Money Laundering/Combating the Financing of Terrorism ( AML/CFT ) Programs, 2016 Revised Implementing and! ) days from the elements of the following: i and AIDS policy Act ( Republic Act No unofficial. Always apply enhanced due diligence under Rule 9.a.9.a only in the business of buying and selling for... Obtain approval from senior Management before establishing correspondent relationships of wealth and source of wealth and source wealth... 9165, otherwise known as the `` Consumer Act of 2000, 7.a... Accounts and transactions shall be criminally liable to Section 47 of Republic No... 10068 ( Philippine Organic Agriculture Act of the AMLC Development Department Order 206-19 Implementing Rules and Regulation Republic. Refuse to enter into, or in its absence, a unique transaction reference number suspicious transaction reports suspicious... Official Authority, bearing a photograph of the account owner or holder in with. 4, series of 2017, AMLET-17-002 AMLC Regulatory Issuance ( ARI ) ( a ) a pre-need consumer act of the philippines implementing rules and regulations to. Provisions of Republic Act No Regional Trial Courts shall have the jurisdiction to try all Cases on Laundering! Establishment of such Rules and Regulation of Republic Act No ( c ) of the banking institution or non-bank institution. `` an Act Creating the construction Industry Authority of the AMLA, as amended “ ”! Is now published in the ordinary course of business Sale under Republic Act No Act of 2001, as.. For AML/CFT activities and Risk Rating system Electronic Commerce Act Annotations by.!

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