AMLA -

Purposes:

1. Aims to preserves the confidentiality and integrity of the bank accounts (Bank secrecy law).

Integrity - prinoprotektahan lang ay yung galing sa mga legal na pamamaraan

2. Aims to prevent the PH in becomming a money laundering sites.

3. To cooperate in transnational investigation and prosecution.

-kasi mahirap hulihin ang money laundering kapag maramng bansa ang involve.

Money Laundering

- is a crime by which the proceeds of illegal activities are transacted to make them appear to
have come from legitimate sources.

- may pera na galing sa masamang paraan na pinapalabas mo na malinis.

Stages of Money Laundering

1. Placement

- is when the money from unlawful activities are introduced to a system

2. Layering

- are a combination of transaction designed to remove the trace of illegal activities

3. Integration

- the money can be now use as if it is legitimate.

- mahirap na hulihin pag nasa stage na to

ex.

The Accountant Movie - Laundry shop ni Ben Affleck

 Part of the ransom money are invested to the laundry shop

- anti-money laundring act aims to detect money laundering at an earlier stages [Preventive Measures]

Preventive Measures

1. Customer Identification

a. Prohibited accounts

- di ka pwedeng mag open ng dummy or anonymous account

b. Customer Due Diligence

- KYC [Know Your Customer]

- not only identity but also the pattern of customer, how do they earn, how do they
expend, what is there job or business.

2. Record Keeping

- alld doc. submitted must be kept within 5 yrs.

3. Transaction Reporting

- institutions are obligated to report the ff. transcation:

a. Covered

- amount should in excess of 500,000 , 1M and 5M

b. Suspicious

- no amount but need to prove or identify the circumstances that make the transaction
suspicious