AMLC extends whip in admin cases
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 26 Aug 2019 17:13:27 +0000
Individual officers, directors, and employees of persons or entities supervised by the Anti-Money Laundering Council (AMLC) are now covered by its expanded rules on administrative cases.
In a statement over the weekend, the AMLC announced it has issued the rules of procedure in administrative cases under Republic Act 9160, or the “Anti-Money Laundering Act of 2001,” as amended, and its implementing rules and regulations, and guidelines and other issuances of the ALMC and the imposition of administrative sanctions (RPAC).
AMLC said the adoption of the RPAC supersedes the rules on imposition of administrative sanctions (RIAS).
“The RPAC is intended to apply to administrative cases for non-compliance with, or violations of the AMLA, as amended, and its implementing rules and regulations, and guidelines and issuances of the AMLC,” it explained.
The RPAC covers not only administrative cases against covered persons, but also those against individual officers, directors, and employees of the covered person.
Covered persons were those supervised and/or regulated by the Bangko Sentral ng Pilipinas, Insurance Commission, Securities and Exchange Commission.
It also include designated non-financial businesses and professions such as jewelry dealers; dealers in precious metals, and dealers in precious stones; company service providers; persons, including lawyers, accountants and other professionals; and casinos, including whose operations are internet-based and ship-based.
“Unlike the RIAS, the RPAC identifies the type of covered person subject of administrative cases,” AMLC added.
Meanwhile, the expanded AMLC rules imposes lower monetary sanctions against covered persons.
“Monetary sanctions under the RPAC are based on the covered person’s asset size, and gravity of the violation/non-compliance, based on a graduated scale of the proportion or amount involved,” AMLC said.
Respondents’ asset size were classified as micro (P10 million and below), small (P10,000,000.01-P100 million), medium (P100,000,000.01-P1 billion), large A (P1,000,000,000.01- P50 billion), and large B (P50,000,000,000.01 and above)
In terms of gravity, violations were classified as grave, major, serious, less serious, and light.
“For light violations of compliance with transaction reporting requirements, the minimum penalty that may be assessed is P1,500.00 for non-compliance with covered transaction reporting requirements for covered persons with small asset sizes, on a per account basis,” AMLC said.