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The Supreme Court (SC) has approved the Rules of Procedure before the Court of Appeals (CA) for petitions to investigate or review bank deposits and investments at non-bank financial institutions and affiliates suspected anti-money laundering violations act.

A press release from the Public Information Office (PIO) of the SC on Saturday May 30th stated that the rules will be in effect from May 31st

From the text of the SC resolution on the rules, the PIO quoted that a bank request issued by the CA “shall be effective for a period of 120 calendar days from the date of receipt by the AMLC and have the same effect as that of a freezing decision “which was issued according to the internal rules of the court of appeal”.

The CA “can, at the request of the AMLC and before the expiry of the 120-day period, the validity of the bank request for an important reason Extend m by a maximum of 120 calendar days “rules state.

According to the rules, the government – via the Anti-Money Laundering Council (ALMC), which is represented by the Office of the Attorney General (OSG) – at the competent authority ex parte ( without notifying the other party) submit an application for a bank inquiry. “When it has been determined that there is a probable reason that the deposit or investment in question, including any related accounts, is in any way related to illegal activity or money laundering offense. “

The rules state:” Such an ex parte application must be reviewed (confirmed under oath) and accompanied by an affidavit of non-forum shopping personally signed by an authorized AMLC official. ”

1. “The account number or any other specific description of the deposit or investment accounts to be queried or verified, the owner or holder of the deposit or investment accounts, the address of that owner or holder, the name of the bank institution or Non-bank financial institution with which such an account is held and its location, if known.

2. “The reason for granting the authority to examine or review the deposit or investment account.

3.” The evidence that there is a probable reason that the deposit of investment accounts is in any way related to an illegal activity or a money laundering offense according to RA 9160 (Money Laundering Act). “

The rules state: “In cases where a mixture of banks with headquarters in Manila or Luzon and local banks without headquarters in Luzon is involved, the ex parte application must be submitted to the competent authority in Manila. In cases where two or more local banks without an office in Luzon are involved but have one or some offices in the Visayas while the others are based in Mindanao, the application must be submitted to the CA station where the The main office of the local bank is located. “

The certification body is mandated to resolve the application within 24 hours of receiving the application. A resolution rejecting the application” must state the specific reasons for such dismissal “, And dismissal decisions can be challenged before the Supervisory Committee by means of a request for confirmation (a special civil action).

2.” In particular, describe the deposit or investment account that is to be examined or examined, as well as the names of the account holders / -owner.

3. “Instruct the bank or non-bank financial institution concerned to give the AMLC unrestricted access to all Inform ations, documents and objects relating to the deposit or investment account in question.

4. “Prohibit the aforementioned institution or any of its directors, officers and employees from owning or holding accounts with or any other person has been asked, directly or indirectly or in any way, to disclose, disclose or communicate the fact that these accounts are being investigated or audited, with a warning that breach of these accounts is contempt of the court.

5. “Instruct the OSG to inform the court of the initiation of civil foreclosure proceedings within five calendar days of their filing.”

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Ref: https://mb.com.ph