BANKING.docx

BANKING & ALLIED LAWS Covered persons under the AMLA Under the AMLA (as amended by RA 10365), the term “covered institution” was amended to “COVERED PERSONS” which refers to natural or juridical persons. Funds placed by a foreign bank in its Philippine Branch are not insurable deposits under the PDIC Charter. (PDIC v. Citibank, 11 April 2012). Freezing Rules; Party Entitled to File AMLC, through OSG, may file ex parte with Court of Appeals verified petition for a freeze order on any monetary instrument, property or proceeds relating to or involving an unlawful activity.

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Transcript of BANKING.docx

BANKING & ALLIED LAWS

Covered persons under the AMLA

Under the AMLA (as amended by RA 10365), the term “covered institution” was amended to “COVERED PERSONS” which refers to natural or juridical persons. Funds placed by a foreign bank in its Philippine Branch are not insurable deposits under the PDIC Charter. (PDIC v. Citibank, 11 April 2012).

Freezing Rules; Party Entitled to File

AMLC, through OSG, may file ex parte with Court of Appeals verified petition for a freeze order on any monetary instrument, property or proceeds relating to or involving an unlawful activity.