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A pre-need company or issuer includes any
corporation supervised and/or regulated by the SEC and is authorized
or licensed to sell or offer for sale pre-need plans. Pre-need plans
are contracts which provide for the performance of future service(s)
or payment of future monetary consideration at the time of actual
need, payable either in cash or installment by the plan holder at
prices stated in the contract with or without interest or insurance
coverage and include life, pension, education, internment and other
plans, which the Commission may, from time to time, approve.
(j) A foreign exchange
corporation includes any enterprise which engages or purports to
engage, whether regularly or on an isolated basis, in the sale and
purchase of foreign currency notes and such other foreign-currency
denominated non bank deposit transactions as may authorized under
its articles of incorporation.
(k) Investment
Advisor/Agent/Consultant shall refer to any person:
(1) who for an advisory fee is
engaged in the business of advising others, either directly or
through circulars, reports, publications or writings, as to the
value of any security and as to the advisability of trading in any
security; or
(2) who for compensation and as
part of a regular business, issues or promulgates, analyzes reports
concerning the capital market, except:
(a) any bank or trust company;
(b) any journalist, reporter,
columnist, editor, lawyer, accountant, teacher;
(c) the publisher of any
bonafide newspaper, news, business or financial publication of
general and regular circulation, including their employees;
(d) any contract market;
(e) such other person not within
the intent of this definition, provided that the furnishing of such
service by the foregoing persons is solely incidental to the conduct
of their business or profession.
(3) any person who undertakes
the management of portfolio securities of investment companies,
including the arrangement of purchases, sales or exchanges of
securities.
(I) A moneychanger includes any
person in the business of buying or selling foreign currency notes.
(m) A money payment, remittance
and transfer company includes any person offering to pay, remit or
transfer or transmit money on behalf of any person to another
person.
(n) “Customer” refers to any
person or entity that keeps an account, or otherwise transacts
business, with a covered institution and any person or entity on
whose behalf an account is maintained or a transaction is conducted,
as well as the beneficiary of said transactions. A customer also
includes the beneficiary of a trust, an investment fund, a pension
fund or a company or person whose assets are managed by an asset
manager, or a grantor of a trust. It includes any insurance policy
holder, whether actual or prospective.
(o) “Property” includes any
thing or item of value, real or personal, tangible or intangible, or
any interest therein or any benefit, privilege, claim or right with
respect thereto.
Rule 3.b. “Covered Transaction”
means:
(1) A single transaction
involving an amount in excess of Four Million Philippine Pesos
(Php4,000,000.OO) or an equivalent amount in foreign currency based
on the prevailing exchange rate where the client is not properly
identified and/or the amount is not commensurate with his business
or financial capacity.
(2) A single transaction
involving an amount in excess of Four Million Philippine Pesos
(Php4,000,000.OO) or an equivalent amount in foreign currency based
on the prevailing exchange rate which has no underlying legal or
trade obligation, purpose, origin, or economic justification.
(3) A series or combination of
transactions conducted within five (5) consecutive banking days
aggregating to a total amount in excess of Four million Philippine
Pesos (Php4,000,000.OO) or an equivalent in foreign currency based
on the prevailing exchange rate where the client is not properly
identified and/or the amount is not commensurate with his business
or financial capacity.
(4) A series or combination of
transactions conducted within five (5) consecutive banking days
aggregating to a total amount in excess of Four Million Philippine
Pesos (Php4,000,000.OO) or an equivalent in foreign currency based
on the prevailing exchange rate where most, if not all the
transactions, do not have any underlying legal or trade obligation,
purpose, origin, or economic justification.
(5) A single unusually large and
complex transaction in excess of Four Million Philippine Pesos
(Php4,000,000.OO), especially a cash deposit or investment having no
credible purpose or origin, underlying trade obligation or contract,
regardless of whether or not the client is properly identified
and/or the amount is commensurate with his business or financial
capacity.
(6) A series, combination or
pattern of unusually large and complex transactions aggregating to,
without reference to any period, a total amount in excess of Four
Million Philippine Pesos (Php4,000,000.OO), especially cash deposits
and/or investments having no credible purpose or origin, underlying
trade obligation or contract, regardless of whether or not the
client is properly identified and/or the amount is commensurate
which his business or financial capacity.’
Rule 3.c. “Monetary Instrument”
refers to:
(1) Coins or currency of legal
tender of the Philippines, or of any other country;
(2) Drafts, checks and notes;
(3) Securities or negotiable
instruments, bonds, commercial papers, deposit certificates, trust
certificates, custodial receipts or deposit substitute instruments,
trading orders, transaction tickets and confirmations of sale or
investments and money market instruments;
(4) Contracts or policies of
insurance, life or non-life, and contracts of surety ship; and
(5) Other similar instruments
where title thereto passes to another by endorsement, assignment or
delivery.
Rule 3d. “Offender” refers to
any person who commits a money laundering offense.
Rule 3.e. “Person” refers to any
natural or juridical person.
Rule 3.f. “Proceeds” refers to
an amount derived or realized from an unlawful activity. It
includes:
(1) All material results,
profits, effects and any amount realized from any unlawful activity;
(2) All monetary, financial or
economic means, devices, documents, papers or things used in or
having any relation to any unlawful activity; and (3) All moneys,
expenditures, payments, disbursements costs, outlays, charges,
accounts, refunds and other similar items for the financing,
operations, and maintenance of any unlawful activity.
Rule 3.g. “Supervising
Authority” refers to the BSP, the SEC and the IC. Where the BSP, SEC
or IC supervision applies only to the registration of the covered
institution, the BSP, the SEC or the IC, within the limits of the
AMLA, shall have the authority to require and ask assistance from
the government agency having regulatory power and/or licensing
authority over said covered institution for the implementation and
enforcement of the AMLA and these Rules.
Rule 3.h. “Transaction” refers
to any act establishing any right or obligation or giving rise to
any contractual or legal relationship between the parties thereto.
It also includes any movement of funds by any means with a covered
institution.
Rule 3.i. “Unlawful activity”
refers to any act or omission or series or combination thereof
involving or having relation, to the following.
(A) Kidnapping for ransom under
Article 267 of Act No. 3815, otherwise known as the Revised Penal
Code, as amended;
(1) Kidnapping for ransom
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