It is committed by any person who knows that any monetary instrument or property represents, involves or relates to the proceeds of any unlawful activity
Money Laundering
Are those transactions involving covered persons that breached the quantitative threshold provided by AMLA for reporting purposes to AMLC
Covered Transactions
Are those transactions that do not breach the quantitative threshold provided by AMLA for reporting purposes to AMLC but must still be reported to AMLC by covered persons because of the suspicious nature of the transactions
Suspicious Transactions
It refers to individual who is or has been entrusted with prominent public position in the Philippines with substantial authority over the use of allocation of government-owned resources, a foreign state or an international organization
Politically Exposed Person
It is an incorporated company that possesses no significant assets and does not perform any significant operations.
Shell Company
Who may issue a freeze order? effective immediatley for a period of?
CTA - 20 DAYS
For suspicious transaction, occurence refers to the date of determination of the suspicious nature of the transaction. The determination should be made not exceeding?
10 calendar days from the date of transaction
Covered persons shall report to the AMLC all covered trasactions and suspicious transactions within ______ unless AMLC prescribes a different period not exceeding _____
5 WORKING DAYS,
MAX: 15 WORKING DAYS
Covered persons shall maintain and safely store for how many years from the dates of transactions all records of customer identifications and transaction documents of their customers?
5 years
