January 22, 2014
AMLC RESOLUTION NO. 002-14
In its Memorandum dated 8 January 2014, the AMLC Secretariat (AMLCS) reported to the Council that:
"It has been observed by the Secretariat that some covered institutions, in tagging 'related accounts' in the Returns they file pursuant to freeze orders, do not include or state their reasons or grounds for tagging said accounts as related accounts, as mandated by Rule 10.d of the Revised Implementing Rules and Regulations of Republic Act No. 9160 which states:
'Rule 10.d. Upon receipt of the freeze order issued by the Court of Appeals and upon verification by the covered institution that the related accounts originated from and/or are materially linked to the monetary instrument or property subject of the freeze order, the covered institution shall freeze these related accounts wherever these may be found. The return of the covered institution as required under Rule 10.c.3 shall include the fact of such freezing and an explanation as to the grounds for the identification of the related accounts.
If the related accounts cannot be determined within twenty-four (24)...
