RFBT.06 AMLA, Bouncing Checks, and Ease of Doing Business Act

A set of vocabulary flashcards covering the Anti-Money Laundering Act (AMLA), Bouncing Checks Law (BP 22), and the Ease of Doing Business Act (EDBA) based on the provided law lecture notes.

Anti-Money Laundering Act (AMLA)

Otherwise known as Republic Act (RA) No. $9160$, its purpose is to protect bank account integrity, ensure the Philippines is not used as a money laundering site, and cooperate in transnational investigations.

Money Laundering

A crime committed by any person who, knowing a monetary instrument or property represents proceeds of an unlawful activity, transacts, converts, conceals, or facilitates the movement of said instrument or property.

Covered Transaction (General)

A transaction in cash or other equivalent monetary instrument exceeding Five Hundred Thousand pesos ($PHP500,000.00$).

Covered Transaction (Jewelry/Precious Stones)

A transaction with or involving jewelry dealers, dealers in precious metals, and dealers in precious stones exceeding One Million pesos ($Php1,000,000.00$).

Covered Transaction (Casinos)

A casino cash transaction exceeding Five Million Pesos ($PHP5,000,000.00$) or its equivalent in other currency.

Covered Transaction (Real Estate)

A cash transaction with or involving real estate developers or brokers exceeding Seven Million Five Hundred Thousand Pesos ($P7,500,000.00$).

Suspicious Transaction

A transaction, regardless of amount, where circumstances exist such as no underlying legal obligation, lack of client identification, or the amount is not commensurate with the client's financial capacity.

Terrorism Financing (TF)

The crime committed by any person who, willfully and without lawful excuse, possesses, provides, or collects funds with the intention or knowledge that they are to be used for terrorist acts or by a terrorist organization.

Beneficial Owner

A natural person who ultimately owns or controls the customer, has ultimate effective control over a juridical person, or owns at least twenty percent (20\%\) shares or equity interest.

Safe Harbor Provision

A provision stating that no administrative, criminal, or civil proceedings shall lie against any person for making a covered transaction report in the regular performance of duties and in good faith.

Bouncing Checks Law (BP 22)

A law that punishes the act of making or issuing a check without sufficient funds or failing to keep sufficient funds to cover a check presented within $90$ days.

Credit (under BP 22)

An arrangement or understanding with the bank for the payment of a check.

Prima Facie Evidence of Knowledge of Insufficiency

Refusal of a check by the drawee bank when presented within ninety ($90$) days, if the drawer fails to pay the amount or make arrangements within five ($5$) banking days after receiving a written notice of dishonor.

Ease of Doing Business Act (EDBA)

Otherwise known as RA $11032$, it aims to promote integrity, accountability, and efficient delivery of government services while preventing red tape and graft.

Business One Stop Shop (BOSS)

A single common site, location, or online portal for the Business Permit and Licensing System (BPLS) of an LGU to receive and process applications and payments.

Fixer

Any individual who facilitates the speedy completion of government transactions for pecuniary gain or consideration, whether or not they are officially involved in the government office.

Simple Transactions

Applications or requests in a government office which only require ministerial actions or present only inconsequential issues for resolution.

Complex Transactions

Applications or requests that necessitate evaluation in the resolution of complicated issues by a government officer or employee.

Highly Technical Application

An application requiring technical knowledge, specialized skills, and/or training for processing and evaluation.

Citizen’s Charter

An official document communicating service standards, step-by-step procedures, responsible persons, fees, and processing times of a government agency.

3-7-20 Rule

The prescribed processing times under EDBA: $3$ days for simple transactions, $7$ days for complex transactions, and $20$ working days for highly technical transactions.

Zero Contact Policy

A policy declaring that no government officer or employee shall have contact with a customer except during preliminary assessment and evaluation of sufficiency of requirements.

Automatic Approval

A mechanism where an original application is deemed approved if a government agency fails to act within the prescribed processing time, provided all requirements were submitted and fees paid.