Overview of the BSP’s. KYC Policy. Meeting of the Cash Working Group. UN WFP Office, Bonifacio Global City, Taguig. 12 November BSP Circular Circular No. Subject: Updated Anti-Money Laundering Rules and Regulations. By the authority vested to the Bangko Sentral ng Pilipinas (BSP) to issue. Circular No. Subject: Updated Anti-Money Laundering Rules and Regulations By the authority vested to the Bangko Sentral ng Pilipinas (BSP) to issue.
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The provisions of existing law to the contrary notwithstanding, anonymous accounts, accounts under fictitious names, numbered checking accounts and circulae other similar accounts shall be absolutely prohibited. It shall, in addition to performing normal due diligence measures, do the following: Where additional information cannot be obtained, or nay information or document provided is false circulaar falsified, or result of the institution shall immediately close the account and refrain from further conducting business relationship with the customer without prejudice to the reporting of a suspicious transaction to the AMLC when circumstances circulaar.
Contacting the customer by phone, email or letter such as sending of “thank you letters” ; and. Exemption from Bank Secrecy Laws – When reporting covered or suspicious transactions to the AMLC, covered institutions and their officers and employees shall not be deemed to have violated Republic Act No.
They dircular require their clients to submit an updated photo and other relevant information on the basis of risk and materiality. Alert senior management, the board of directors, or the Board-level or approved committee if it believes that the institution is falling to sensibly address anti money laundering and terrorist financing issues; and 5.
Transacting an amount that is not commensurate with the business or financial capacity of the customer or deviates from his profile; c. Account number of the originator or curcular its absence, a unique reference number must be included.
Circular No. – The Lawphil Project
It can also be circcular bank that a does not conduct business at a fixed address in a jurisdiction in which the shell bank is authorized to engage; b does not employ one or more individuals on a full time basis at this fixed address; c does not maintain operating records at this address, and d is not subject to inspection by the authority that licensed it to conduct banking activities.
Annual monitoring and review by nsp covered institution of the performance of the counter-party to assist it in determining whether or not to continue with the arrangement.
They are however required to file STRs when the transaction that pass through them are deemed suspicious. The circulat is in any way related to an unlawful activity or any money laundering activity or offense under AMLA, as amended, that is about to be, is being cicrular has been committed; or.
Internal Audit – The Internal Audit function associated with money laundering and terrorist financing should be conducted by qualified personnel who are independent of the Cirdular of Directors and Senior Management and have a direct reporting line to the Board or a Board level Audit Committee. The transaction is in any way related to an unlawful activity or any money laundering activity or offense under AMLA, as amended, that circukar about to be, is being or has been committed; or 7.
Criteria for type of customers: The amount involved is not commensurate with the business or financial capacity of the client; 4. N Cross border transfer – any wire transfer where the originating and beneficiary institutions are located in different countries.
All covered institutions that have previously registered need not re-register.
All 7006 required for covered institution counter-party; 2. Safekeeping of records and documents – The covered institution shall designate at least two 2 officers who will be jointly responsible and accountable in the safekeeping of all records and documents required to be retained by the AMLA, as amended, its RIRR and these Rules.
Inform all responsible officers and employee of all resolutions, circulars circulxr other issuance by the BSP and the AMLC in relation to matters aimed at preventing money laundering and terrorist financing.
Can generate all the Ciecular of the covered institutions accurately and completely with all the mandatory field properly filled up. The system should be capable of generating timely, accurate and complete reports to lessen the likelihood of any reputational and compliance risks and to regularly appraise the Board of Directors and Senior Management on anti-money laundering and terrorist financing compliance.
UBs and KBs with existing electronic system of flagging and monitoring transactions already in place shall ensure that their existing system is updated to be fully compliant with functionalities as those required herein. Background and source of funds; 2. In no case shall reduced diligence be applied to high risk customers. Detailed procedures of the covered institution’s compliance and implementation of the following major requirements of the AMLA, as amended its RIRR, and these Rules, to wit: Where the Customer Transacts Through a Trustee, Nominee, Agent or Intermediary which is a third party as herein defined Third Party Reliance – A covered institution may rely on the customer identification process undertaken by a third party.
Definition of terms – Excepts as otherwise defined herein, all terms used shall have the same circulxr as those terms that are defined in the AMLA, as amended, and its RIRR. Raises doubt as to the accuracy of any information or document provided or the ownership of the entity.
The system must have at least the following automated functionalities: Covered institutions shall undertake the necessary adequate security measures to ensure the confidentiality of such file. Transacting an amount that is not commensurate with the business or financial capacity of the customer or deviates from his profile. Along this line, it shall formulate a risk-based and tiered customer acceptance policy, customer retention policy and customer identification process that involves reduced Customer Due Diligence CDD for potentially low risk clients and enhanced CDD for higher risk accounts.
Date of issuance and the number of the check; 4. Banking institutions, trust entities and quasi-banks authorized by the BSP to operate as such, publicly listed companies subject to regulatory disclosure requirements, government agencies including government owned and controlled corporations GOCCs.
It shall also report compliance findings to the Board or any Board-level committee; 2. The originator person and the beneficiary person may be the same person.
C Suspicious transactions ST are transactions with covered institutions, regardless of the amount involved, where any of the following circumstances exist:. Covered institutions therefore shall endeavor to establish and record the true and full identity of these customers and establish a policy on what standard of due diligence bssp apply to them. It shall, in addition to performing normal due diligence measures, do the following:.