BAR 2025: Q.19- COMM LAW & TAX: AMLC reporting obligations for high-value real estate transactions

Описание: BAR 2025 - COMM LAW & TAX
QUESTION NO. 19

A has no gainful employment and was reputed to be a drug user and trafficker. He has bank accounts in Banco De Oriental (BDO), Asian Union Bank (AUB), and Eastern Bank. Using some of his cash in AUB, he bought a house and lot from XYZ Realty Co. for PHP 20 million. Which entity should report the transaction to the Anti-Money Laundering Council (AMLC)? Reason(s).

SUGGESTED ANSWER:
XYZ Realty Co. should report the transaction to the Anti-Money Laundering Council (AMLC). Under Rule 4, Section 1(k) of the 2021 Implementing Rules and Regulations of the Anti-Money Laundering Act (R.A. No. 9160), real estate developers and brokers are covered persons required to report covered transactions exceeding PHP 500,000.00. Here, the purchase of a house and lot worth PHP 20 million is a covered transaction. Thus, XYZ Realty Co. is obligated to report the transaction to the AMLC.


This video is for educational and informational purposes only and does not constitute legal advice. The content presented may not reflect the most current legal standards, answers or interpretations. No guarantee is made regarding the accuracy or completeness of the information.
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