ANTI-MONEY LAUNDERING (AML) POLICY

  • Coinvil strictly complies AML regulations set by the government of the Philippines and the Bangko Sentral NG Pilipinas(BSP). Coinvil reserves all rights to suspend any transaction or account when it is deemed to be involved with money laundering. In such case, said activities will be reported to the Philippines authorities such as the law enforcement and the Anti-Money Laundering Council(AMLC). Coinvil puts its utmost effort to prevent any potential money laundering activities pre-emptively, while ensuring the business is conducted in absolute conformity with highest level of ethical standards.
  • I. According to Implementing Rules and Regulations of Republic Act No. 9160 also known as the Anti-Money Laundering Act of 2001, Money Laundering is committed by:

  • A. Any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity:

    • 1. Transacts said monetary instrument or property;
    • 2. Converts, transfers, disposes of, moves, acquires, possesses or use said monetary instrument or property;
    • 3. Conceals or disguises the true nature, source, location, disposition, movement or ownership of or rights with respect to said monetary instrument or property;
    • 4. Attempts or conspires to commit money laundering offenses referred to in (1), (2), (3) above;
    • 5. Aids, abets, assists in, or counsels the commission of the money laundering offenses referred to in (1), (2) or (3) above; and
    • 6. Performs or fails to perform any act as a result of which he/she facilitates the offense of money laundering referred to in (1), (2), or (3) above
    • 7. Any covered person who, knowing that a covered or suspicious transaction is required under the AMLA to be reported to the AMLC, fails to do so.
  • II. Coinvil endeavors to apply the following measures to identify, prevent and deter money laundering attempts or activities:
    • 1. Appoint a Money Laundering Reporting Officer (MLRO) and conduct in-house AML workshops on a regular basis;
    • 2. Conduct Know-Your-Customer to deter individuals who are related to the terrorists or money laundering activities;
    • 3. Monitor and identify any suspicious activities on a regular basis;
    • 4. Register and Report any suspicious activities to AMLC and other related authorities.