The Anti-Money Laundering Council (AMLC) has directed banks, casinos, pawnshops, jewelry dealers, and other covered entities to conduct proper diligence of their customers and to be more circumspect in dealing with or accepting fenced or stolen items.
The advisory covers persons under the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and the Insurance Commission.
Fencing is defined by the AMLC as an act of any person who buys, receives, sells or disposes of any article, item, object or anything of value which he knows to have been derived from the proceeds of the crime of robbery or theft.
AMLC said covered entities should monitor transactions to recognize when a transaction, or a series of transactions, are unusual.
They should also promptly report to the AMLC if they encounter doubtful transactions.
“STRs should be filed, including attempts thereof, to the AMLC within the next working day from the date of establishment of suspicion or determination of the suspicious nature of the transaction,” AMLC said.
Under the Anti-Money Laundering Act (AMLA) of 2001, transactions are suspicious if there is no underlying legal or trade obligation, purpose or economic justification, if the customer is not properly identified and if the amount involved is not commensurate with the business or financial capacity of the customer.