[CondoInvestor]

.  Nice inputs here.  Any more ideas.  

Millionaires talk about ideas and this is one of the questions you should ask yourself because its really possible.
Everything is for Sale so given the right questions to ask ourselves will give us the vision of our future.

 

[richpulubi]

AMLA?  Madali lang yan!  Just move your money in chunks of P495K or less.  Medyo mabusisi, but you keep under the radar.  Many Chinese do it this way.

[SirZap]

so if you got 20M bale 41 different banks.... yay!

[richpulubi]

Di naman...you can keep all your money even in only one bank, but only deposit or withdraw money in chunks of P495K or less per day.  AMLA only monitors when large amounts of money are abnormally moved about.  And for BSP, P500K is a large amount.  Every time P500K is withdrawn or deposited, the banks are obligated to report it to BSP.

[bauer]

the AMLA rules of reporting of banks, there are always exceptions

[richpulubi]

bauer, can you please share the exceptions?  I was led to believe that it is automatic for all banks what when transactions of P500K and above happen, it is reported.  And it is such a hassle to move money is increments!

[brians]

Di naman...you can keep all your money even in only one bank, but only deposit or withdraw money in chunks of P495K or less per day.  AMLA only monitors when large amounts of money are abnormally moved about.  And for BSP, P500K is a large amount.  Every time P500K is withdrawn or deposited, the banks are obligated to report it to BSP.

i'd rather not to put all the money in 1 bank just split it.... put them in other commercial banks

[Dodong_Pobre]

bauer, can you please share the exceptions?  I was led to believe that it is automatic for all banks what when transactions of P500K and above happen, it is reported.  And it is such a hassle to move money is increments!

Actually there are two types of transactions that should be reported to BSP w/c are covered and suspicious transactions. Covered transaction is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of Five hundred thousand pesos (P500,000.00) within one (1) banking day.  Weekly po ang submission nito every monday before 4pm ang cut-off. The report should be covering the reports from previous week. Failure in submission has a penalty of 1,000 pesos per transaction. For more details about suspicious transacations, visit this site http://www.amlc.gov.ph/archive/RA9194.html

[TSO]

So the lesson for the day is, when you've got so much money, don't move too much money, lest you warrant regulatory attention.

XD

[lowbatt99]

I would put half of the amount in BDO UITF and half in prime real estate.  If your tolerance for risk is high, then BDO Equity fund.  If your tolerance for risk is low then BDO Peso Bond Fund.

I wouldn't bet entirely on the peso though.  Wait until the dollar is below p42 then convert some of your peso and put it in BDO Dollar Bond fund until a reputable corporate dollar bond with decent yield becomes available.  How much to convert is up to you.

[SirZap]

Di naman...you can keep all your money even in only one bank, but only deposit or withdraw money in chunks of P495K or less per day.  AMLA only monitors when large amounts of money are abnormally moved about.  And for BSP, P500K is a large amount.  Every time P500K is withdrawn or deposited, the banks are obligated to report it to BSP.

ok! gets ko na po. thanks for the info

[tikboi]

I've been getting really good advices from you guys. Thanks for your time & effort to share. Been out for a while and please continue to post your ideas.

[Dodong_Pobre]

ok! gets ko na po. thanks for the info

But take note po that there is also an internal monitoring on the Bank side... Kung medyo metikuloso yung audit nila they can still classify your transaction as "suspicious" kc meron din history reporting.. Like for 1 month tinitignan nila ung total transactions mo kahit na hindi ka nag excess sa 500K/day na transaction..

[lowbatt99]

But take note po that there is also an internal monitoring on the Bank side... Kung medyo metikuloso yung audit nila they can still classify your transaction as "suspicious" kc meron din history reporting.. Like for 1 month tinitignan nila ung total transactions mo kahit na hindi ka nag excess sa 500K/day na transaction..

Some banks are more meticulous than others.  If your bank does this then take all your money out and move it somewhere else.

[Dodong_Pobre]

Some banks are more meticulous than others.  If your bank does this then take all your money out and move it somewhere else.

It is just for the purpose of reporting. It doesn't mean that you will be on hunt na kapag napasama sa AMLA reporting ang transaction mo. Besides, you will not be informed na sinama sa report ung transactions mo. It's just a matter of compliance and of course, for some other instances it serves a certain purpose kapag merong naging kaso na.. Hindi naman basta-basta maibigay ng banko ang details ng account/transactions mo unless merong court order or clearance from authorities. Pwede mong kasuhan ung bangko kapag nagbigay ng information about your account dahil meron ding Bank Secrecy Law.