Q:Whatistheobligationofthecoveredinstitutions? D. COVERED TRANSACTIONSQ: What are Covered Transactions? E. SUSPICIOUS TRANSACTIONS Q: What are Suspicious Transactions? A: Regardless of amount, if any of the following is present: 1. No underlying economic, trade or legal justification 2. Client not properly identified; numbered accounts are allowed provided client is identified 3. Transaction is not commensurate with financial capability of the client 4. Transaction is so structured that it cannot be reported to the AMLC 5. Transaction which deviates from usual profile of the client 6. Relates to unlawful activity as defined by law 7. Analogous transactions
UST G OLDEN N OTES 2011 M ERCANTILE L AW T EAM : A DVISER : A TTY . A MADO E. T AYAG ; S UBJECT H EAD : E ARL M. L OUIE M ASACAYAN ; A SST . S UBJECT H EADS : K IMVERLY A. O NG & J OANNA M AY D.G. P EÑADA ; M EMBERS : M A . E LISA J ONALYN A. B ARQUEZ , A NGELI R. C ARPIO , A NTONETTE T. C OMIA , A LBAN R OBERT L ORENZO F. D E A LBAN , J OEBEN T. D E J ESUS , C HRIS J ARK A CE M. M AÑO , A NNA M ARIE P. O BIETA , R UBY A NNE B. P ASCUA , F LOR A NGELA T. S ABAUPAN , G IAN F RANCES N ICOLE C. V ILCHES F. WHEN IS MONEY LAUNDERING COMMITTED Q: What is the meaning of Money Laundering? Q: How is money laundering committed? 3.Any person knowing that any monetaryinstrumentorpropertyisrequiredunder this Act to be disclosed and filedwiththeAntiMoneyLaundering G. UNLAWFUL ACTIVITIES OR PREDICATE CRIMES Q: What are considered as unlawful activities or predicate crimes under AMLA? A: These refer to any act or omission or series or combination thereof involving or having direct relation to the following: 1. Kidnapping for ransom 2. Drug trafficking and related offenses 3. Graft and corrupt practices 4. Plunder 5. Robbery and Extortion 6. Jueteng and Masiao 7. Piracy 8. Qualified theft 9. Swindling 10. Smuggling 11. Violations under the Electronic Commerce Act of 2000
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- Fall '16
- james reyes