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 counter-party has a reliable and acceptable customer identification system and training program in place; and 3. Country of origin and residence or operations; 3. It shall conduct periodic compliance checking circcular covers, among others, evaluation of existing processes, policies and procedures including on-going monitoring of performances by staff and officers involved in money laundering and terrorist financing prevention, reporting channels, effectivity of the electronic money laundering transactions monitoring system and record retention system through sample testing and review of audit or examination reports.
An effective and continuous anti-money laundering and countering of terrorist cidcular training program for all directors, circukar responsible officers and employee, to enable them to fully comply with their obligations and responsibilities under these rules, the AMLA, as amended, its RIRR and their internal policies and procedures as embodied in the MLPP.
The amount involved is not commensurate with the business or financial capacity of the client. The MLPP shall be consistent with the AMLA as amended, and the provisions set out in these rules and designed according to the covered institution’s corporate structure and risk profile. Date and place of birth; 4.
BSP Circular No. 706 – Updated Anti-Money Laundering Rules and Regulations
Contacting the entity by cicrular, email or letter such as “thank you letters”. I Shell Bank – a Shell company incorporated as a bank or made to appear to be incorporated as a bank but has no physical presence and no affiliation with a regulated financial group.
Raises doubt as to the accuracy of any information or document provided or cirular ownership of the entity. Name, present address, date and place of birth, nature of work and source of funds of beneficial owner or beneficiary, whenever applicable.
Where resources of the covered institution do not permit the hiring of an AML compliance officer, the Compliance Officer shall also assume the responsibility of the former. K Politically Exposed Person or PEP – an individual who is or has been entrusted with gsp public positions in the Philippines or in a foreign circlar, including heads of state or of government, senior politicians, senior national or local government, judicial or military officials, senior executives of government or state owned or controlled corporations and important political party officials.
Q Beneficiary institution – refers to the entity that will pay out the money to the beneficiary and can either be a a covered xircular as specifically defined by these Rules and as generally defined by the AMLA, as amended, and its RIRR, or b a financial institution operating outside the Philippines that is other than covered institutions referred to in a but conducts business operations and activities similar to them. Know sufficiently your customer at all times circulad ensure that the financially or socially disadvantaged are not denied access to financial services while at the same time prevent suspicious individuals or entities from opening or maintaining an account or transacting with the covered institution by himself or otherwise:.
E Transaction refers to any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto. O Domestic Transfer – any wire transfer where the originating and beneficiary institutions are located in the same country. vsp
Name, present address, date and place of birth, nature of work and source of funds of beneficial owner or beneficiary, if applicable; and.
The client is not properly identified; 3. In case of violation thereof, the concerned officer and employee of the covered institution and media shall be held criminally bxp. The program shall embody the following at a minimum:. Inquiring from the supervising authority the status of the entity; 3.
Minimum validation procedures – Validation procedures for individual customers shall include but is not limited to the following: F Unlawful activity refers to any act or omission or series or combination thereof involving or having direct relation to the following:. Safe Harbor Provision – No administrative, criminal or civil proceedings, shall lie against any person for having made a CTR or an STR in the regular performance of his duties in good faith, whether or not such reporting results in any bzp prosecution under the AMLA, as amended, its RIRR or any other law.
In designing a customer acceptance policy, the following factors shall be taken into account: True and full name of the buyer or the applicant if buying on behalf of an entity; 2. Source dircular funds; 8. An independent audit program with written scope circlar audit that will ciruclar the completeness and accuracy of the information and identification documents obtained from clients, the covered and suspicious transactions reports submitted to the AMLC, and the records retained in compliance with these rules as well as adequacy and effectiveness of the training program on the prevention of money laundering and terrorism financing; 6.
Bangko Sentral ng Pilipinas – Regulations
It shall open and maintain accounts only in the true and full name of the entity and shall have primary responsibility to ensure that the entity has not been, or is not in the process of being, dissolved, struck-off, wound-up, terminated, or otherwise placed under receivership or liquidation. Third Party is covered institution specifically defined by these Circulqr and as generally defined by AMLA, as amended, and its RIRR – A covered institution may rely on the identification process conducted by this third party provided that the covered institution shall obtain from the third party a written sworn certification containing the following:.
Risk Management – All covered institutions shall develop sound risk management policies and practices to ensure that risks associated with money-laundering such as counterparty, reputational, operational, and compliance risks are identified, assessed, monitored, mitigated and controlled, as well as to ensure effective implementation of these regulations, to the end that covered institutions shall not be used as a vehicle to legitimize proceeds of unlawful activity or to facilitate or finance terrorism.
Closed Accounts – With respect to closed accounts, hsp records on customer identification, account files and business correspondences, shall be preserved and safely stored for at least five 5 years from the date of closure. They shall require their clients to submit an updated photo and other relevant information circklar the basis of risk and materiality. Roll-overs of placement of time deposit; and 6. Inform all responsible officers and employee of all resolutions, circulars and other issuance by the BSP and the AMLC in relation to matters aimed at preventing money laundering and terrorist financing.
It shall also report compliance findings to the Board or any Board-level committee. Transactions between banks and the BSP; 2.