Cognızance of foreıgn currency changıng ınstıtutıons ın cauayan cıty on r.a. 9160/ antı-money launderıng act of 2001

Abstract

Plotting of crimes and terrorism, fraudulent practices, felonies. They may differ as to the degree of crime, but they all share the same starting point, which is money laundering.  This study examines the money laundering practices within the Cauayan City, Isabela, Philippines to determine whether or not money changing institutions in the city are cooperating fully with regulatory authorities such as the Banco Sentral ng Pilipinas. The vulnerability of a financial institution to such a policy may ignite unlawful activities that would threaten the well-being of its residents in the city. The researcher made use of quantitative research using descriptive method. The respondents of the study are the six money changing institutions verified by the Office of the Mayor of Cauayan City. Since the total population of the institution in which line of business is purely or mostly to convert currencies in Cauayan City, Isabela is small, those said institutions were all selected to conduct the study.  A survey was conducted by using a questionnaire for information gathering about the cognizance of money changing institutions on R.A. 9160 or the Anti-Money Laundering Act of 2001 (AMLA).Weighted mean,  frequency, percentage, and Likert scale were used. The result of the investigation based on the questionnaire was recorded, tallied, and presented. Findings reveal that the respondents know the operations or processes to follow the policies concerning money laundering. The respondents are well trained in providing employees’ activities. The respondents properly check the client’s information. And lastly, the respondents have the experience that there were problems encountered suspicious transactions. The researcher, therefore concludes that the knowledge of money changing institutions in Cauayan City, Isabela, Philippines understands and able to resolve doubtful cases. It is recommended that financial currency changing institutions must give attention to transactions that can’t easily be suspected especially to small amounts. Employees should be in high alert especially seasons like elections and holidays. The crime rate in these periods are generally high, and an avenue to plotting crimes are financial institutions