Suspicious Transaction under the Anti-Money Laundering Act

Suspicious transactions refer to transactions with covered persons, regardless of the amounts involved, where any of the following circumstances exist:

1. There is no underlying legal or trade obligation, purpose or economic justification;

2. The client is not properly identified;

3. The amount involved is not commensurate with the business or financial capacity of the client;

4. Taking into account all known circumstances, it may be perceived that the client’s transaction is structured in order to avoid being the subject of reporting requirements under the Anti-Money Laundering Act;

5. Any circumstance relating to the transaction which is observed to deviate from the profile of the client and/or the client’s past transactions with the covered person;

6. The transaction is in any way related to an unlawful activity or offense under the Anti-Money Laundering Act that is about to be, is being, or has been committed; or

7. Any transaction that is similar or analogous to any of the foregoing.

(Source: Section 3, par. b-1, Republic Act No. 9160, as amended by Republic Act No. 11521)

Why choose ALBURO LAW?

Alburo Alburo & Associates Law Offices:

• Have labor law and business law as our main fields of practice. For almost a decade now, we have been helping businesses improve their productivity and profitability by helping them comply with relevant laws, rules, and regulations.

• Observe high standards of excellence.

• Always consider innovative approaches to effectively address the legal concerns of our clients, covering a wide range of industries such as food, manufacturing, chemicals, real estate, retail and wholesale trade, and services in fields such as information technology, human resources, security, training, process outsourcing and other manpower services, among many others.

Contact us: 09778050020 | 09778050015 | (02) 7745-4391

Email us: [email protected] | [email protected]

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