banking laws (amla)

monetary board

exercises the powers and functions of the bsp, such as the conduct of monetary policy and supervision of the financial system. its chairmain is the bsp governor, wih five full-time members from the private sector and one member from the cabinet

governor of the bangko sentral

the chairman of the monetary board

governor of the bangko sentral

shall be head of a department and his appointment shall be subject to confirmation by the comission on appointments

deputy governor

assigned by the governer when he/she is unable to attend a meeting of the board

member of the cabinet

designated by the president of the philippines

undersecretary in his/her department

assigned by a member of the cabinet whenever he/she is unable to attend a meeting of the board

subsidiary

a corporation more than fifty percent (50%) of the voting stock of which is owned by a bank or quasi-bank

affiliate

a corporation the voting stock of which, to the extent of fifty percent (50%) or less, is owned by a bank or quasi-bank or which is related or linked to such institution or intermediary through common stockholders or such other factors as may be determined by the monetary board

acts of liquidation

those which constitute the conversion of assets of the banking institution to money or the sale, assignement of disposition of the same to creditors and other parties for the purpose of paying debts of such institution

examination

it involves an evaluation of the current status of a bank and determines its compliance with the set standards regarding solvency, liquidity, asset valuation, operations, systems, management, and compliance with banking laws, rules, and regulations

examination

it entails a review of essentially all the functions and facets of a bank and its operations

examination

requires the prior consent of the monetary board

investigation

it is conducted based on specific findings of certain acts or omissions which are subject of a complaint or a final report of examination

investigation

it centers on specific acts or omissions and, thus, requires a less invasive assessment

investigation

an examination of banks does not require the prior consent of the monetary board

law on secrecy of bank deposits

to give encouragement to the people to deposit their money in banks

law on secrecy of bank deposits

to discourage private hoarding so that the same may be properly utilized by banks in authorized loans to assist in the economic development of the country

disclosure

the bank cannot give documents or bank records

allow inquiry of deposits

the bank, for example, cannot comply with the subpoena issued by a committee, not a court

money laundering offense

a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources

covered transactions

a transaction in cash or other equivalent monetary instrument involving a total amount in excess of 500,000 within one banking day

suspicious transactions

transactions with covered persons, regardless of the amounts involved

unlawful activity

any act or omission or series or combination there of involving or having relation to unlawful persons

action

any person knowing that any monetary instrument or property represents, involves, or relates to, the proceeds of any unlawful activity, transacts or attempts to transact said monetary instrument or property

omission

any person knowing that any monetary instrument or property involves the proceeds of any unlawful activity, performs or fails to perform any act as a result of which he facilitates the offense of money laundering

non-reporting

any person knowing that any monetary instrument or property is required under this act to be disclosed and filed with the amlc, fails to do so

customer due diligence

it refers to the procedure of identifying and verifying the true identity of customers, and their agents and beneficial owners, including understanding and monitoring of their transactions and activities