Registration with amLC. All DNFPPs must be registered with amLC within six months of the guidelines being effective. One of the documents that must be provided to AMLC is the client list, which, rightly, cannot be easily complied with, since some clients have a confidentiality agreement. It would therefore be preferable to discuss these requirements with customers and ensure that confirmation of their identity with AMLC. Contrary to its previous administrative practice, BaFin considers a guarantee agreement to be a business relationship within the meaning of Article 1, paragraph 4, of AMLA. As a result, the duty of care in Section 10 of AMLA must also be met for a surety (see p. 32 iA). 2 Until a decision is received by the competent Crown, it freezes the assets for up to five working days from the date on which the financial intelligence unit indicates the origin of the report referred to in paragraph 1 or through which it submitted the report to the financial intelligence unit referred to in paragraph 1 bis. 2 When a self-regulatory organization is deprived of its recognition, its associated financial intermediaries must apply for membership in another self-regulatory organization within two months.3 A few years ago, the Philippine financial industry was in the media spotlight when a huge amount of stolen money arrived in the country and was then spent in large casinos. There is no denying that this incident has had a negative impact on the Philippine banking system and on the credibility of the implementation of money laundering legislation. 2 They also notify the financial intelligence unit without delay the decisions they have made on the basis of a report prepared by the financial intelligence unit. 2 Family members and relatives of politically exposed persons are persons closely related to those referred to in paragraph 1, either by their families or for social or professional reasons.
2 The financial intermediary must keep the records so that it can respond, within a reasonable time, to the request of law enforcement agencies for information or asset seizures. 1 For the purpose of carrying out its mission, the financial intelligence unit may, through a computerized access procedure, verify whether a person who has been notified or notified is included in one of the following databases: 1 If there is any doubt in the business relationship with the identity of the client or economic beneficiary, identity verification or identity verification in accordance with Articles 3 and 4 should be repeated. 3 Financial intermediaries are also persons who accept or hold deposits of others on a professional basis or who assist in the investment or transfer of these assets; These include persons who: 1 The cooperation of the financial intelligence unit with the foreign law enforcement agencies is governed by Article 13, paragraph 2, of the Federal Law of 7 October 19942 on the central services of the Federal Office of Criminal Police. In accordance with paragraphs 7 (7) and 18 of Republic Act 9160, also known as the Anti-Money Laundering Act of 2001, As Geandert, this revised enforcement regulation (RIRR) is proclaimed as: RULE ITITLE According to BaFin, payment service providers are in principle indebted to AMLA.