Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA)

Richard Marley
May 17, 2021
2 minutes read
148

On Sunday, the Court of Appeals (CA) issued its rule of process for assessing the deposit or investment accounts in financial infrastructures for any illegal activity like money laundering. The then-Chief Justice, Diosdado M. Peralta approved the guidelines on March 23. The Republic Act (RA) No. 9160 or the Anti-Money Laundering Act of 2001 (after amendments) will be implemented and will be in effect by May 31.

The SC resolution on the rule of procedure, “these guidelines will complement the existing…rule of procedure in cases of civil forfeiture, asset preservation, and freezing of monetary instrument, property, or proceeds representing, involving, or relating to an unlawful activity or money laundering offense under RA 9160, as amended.”

This is applicable on banking and non-banking financial institutions along with their affiliates and subsidiaries.

As per the rule of procedure, an application can be filed by the Anti-Money Laundering Council (AMLC) with the Office of Solicitor General (OSG) to inquire into a specific investment or deposit account. This, however, is only applicable “when it has been established that there is probable cause that (such accounts) are related to an unlawful activity or a money laundering offense under RA 9160.”

After this application, the CA will make a decision within 24 hours. In case of approval, the inquiry order from the Council of Appeals (CA) will indicate whether the particular deposit or investment account must be evaluated or not. This evaluation will also include the name of account owners and all associated holders.

On the other hand, this court order will also direct the concerned company to provide AMLC or its authorised personnel with full access to all information, documents, and objects relating to the subject deposit or investment account within a specific period of time.

Lastly, the order for inquiry will direct the OSG to inform the court of civil forfeiture proceedings with reference to the case within five days from its filing.

The CA revealed that this inquiry order will be valid for 120 days and the duration can be extended under certain circumstances for 120 more days.

The amended law allows the AMLC to impose sanctions on financial institutions such as asset freezing with reference to terror financing. This also covers real estate brokers and developers along with offshore gaming operators.

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

Here are a few signs that can help job seekers spot fraudulent elements during the recruitment process:

Legitimate hiring managers and employers never ask applicants to make any financial transaction in their personal or company account. Always say No to any person who is asking you to send money for any recruitment purpose.

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How Shufti Pro can Help

With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

Rules for AMLC Inquiry for Bank Accounts Released by the Court of Appeals (CA)

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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