Demonitization: Old Bank Notes

**Mask Rider Blac** · December 11th, 2015 01:04 PM

Originally Posted by Juan Martinez

yes, but all bank transactions amounting to at least 300k shall be reported and monitored by AMLC. how else binay's accounts and his factutom are discovered? the operative word is: FREEZE

Covered transactions are single transactions in cash or other equivalent monetary instrument involving a total amount in excess of P500K within 1 banking day.

**gearhead000** · December 11th, 2015 01:07 PM

Quick way to differentiate new and old notes:

Old notes have uniform height for the serial nos.
New notes have the serial nos. in ascending order.

**Mask Rider Blac** · December 11th, 2015 01:08 PM

Originally Posted by kimbon

partly agree here atty but not all bank transactions even half a million peso cash or more are reporting to AMLC. it's a matter of arrangement between the bank manager and bank account holder. some bank managers give "special treatment" to their favorite/big time account holders.
sa case naman ni noggy malas lang na headline sya sa media almost everyday kaya nimomonitor na ng AMLC. Tingin mo ba kung tumahimik lang si crocs mercado papansinin pa ba ng AMLC ang accounts ni noggy?

Paanong "special treatment"?

Kapag si you know who ang mananalong presidente, malamang magsisialisan ang officers ng AMLC.

**vvti2.0** · December 11th, 2015 01:32 PM

AMLC is just a department sa BSP. Kaya ang governor ng BSP ang makakalaban nya.

**Juan Martinez** · December 11th, 2015 01:34 PM

Originally Posted by Mask Rider Blac

Covered transactions are single transactions in cash or other equivalent monetary instrument involving a total amount in excess of P500K within 1 banking day.

agree. but i thought they decreased it P300k.

**vvti2.0** · December 11th, 2015 01:35 PM

Originally Posted by kimbon

partly agree here atty but not all bank transactions even half a million peso cash or more are reporting to AMLC. it's a matter of arrangement between the bank manager and bank account holder. some bank managers give "special treatment" to their favorite/big time account holders.
sa case naman ni noggy malas lang na headline sya sa media almost everyday kaya nimomonitor na ng AMLC. Tingin mo ba kung tumahimik lang si crocs mercado papansinin pa ba ng AMLC ang accounts ni noggy?

Kung single transaction yan, it will always be seen by the examiners of the BSP, unless itago ng involved na bangko ang paper trails.

**Juan Martinez** · December 11th, 2015 01:48 PM

Originally Posted by kimbon

partly agree here atty but not all bank transactions even half a million peso cash or more are reporting to AMLC. it's a matter of arrangement between the bank manager and bank account holder. some bank managers give "special treatment" to their favorite/big time account holders.
sa case naman ni noggy malas lang na headline sya sa media almost everyday kaya nimomonitor na ng AMLC. Tingin mo ba kung tumahimik lang si crocs mercado papansinin pa ba ng AMLC ang accounts ni noggy?

kim, no banking institution is exempted to comply with the anti-money laundering act. there is an administrative and criminal penalty wairing to all those found violating its provisions.

the AMLC is an inter-agency aggrupation which makes it easier to monitor money launderer. and thru the AMLC that the money trail was uncovered leading to the arrest of fathur roman al-ghozi, the JI leader who was responsible for the LRT bombing in 2000.

**Mask Rider Blac** · December 11th, 2015 03:12 PM

Originally Posted by vvti2.0

AMLC is just a department sa BSP. Kaya ang governor ng BSP ang makakalaban nya.

The AMLC is headed by the BSP Governor as Chair, together with the IC Commissioner and SEC Chair.

The AMLC is assisted by a Secretariat headed by an Executive Director who is a BSP employee, including his staff. Though AMLC is mostly composed of BSP employees, it is not under BSP's Organizational Structure.

**kimbon** · December 11th, 2015 05:58 PM

Originally Posted by Mask Rider Blac

Paanong "special treatment"?

Kapag si you know who ang mananalong presidente, malamang magsisialisan ang officers ng AMLC.

bro, pwede pass muna tayo sa tanong mo baka kasi tuluyan na kong masermonan ni atty JM peace po... LOL

**vinj** · December 19th, 2015 04:03 PM

Originally Posted by kimbon

partly agree here atty but not all bank transactions even half a million peso cash or more are reporting to AMLC. it's a matter of arrangement between the bank manager and bank account holder. some bank managers give "special treatment" to their favorite/big time account holders.
sa case naman ni noggy malas lang na headline sya sa media almost everyday kaya nimomonitor na ng AMLC. Tingin mo ba kung tumahimik lang si crocs mercado papansinin pa ba ng AMLC ang accounts ni noggy?

I'm not sure if this is entirely possible (to be selective) because at the end of the day, a bank audit and BSP audit can pick up transactions and look at patterns.