BSP CIRCULAR 706 PDF

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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Scope of Regulations – These regulations shall apply to all covered institutions supervised and regulated by the BSP.

In designing a customer acceptance policy, the following factors shall be taken into account: Date of issuance and the number of the check; 4. Covered institutions shall undertake the necessary adequate security measures to ensure the confidentiality of such file.

Regulations

Where the Customer Transacts Through a Trustee, Nominee, Agent bps 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.

The counter-party has a reliable and acceptable customer identification system and training program in place; and 3. All transaction records, including all unusual or suspicious patterns of account activity whether or not an STR was filed with the AMLC, of covered institutions shall be maintained and safely stored for five 5 years from the date of transaction. There is a written service level agreement approved by the board of directors of both covered institutions. Third Party is covered institution specifically defined by these Rules 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: P Originating institution – refers to the entity utilized by the originator to transfer funds to the beneficiary and can either be a a covered institution as specifically defined by these Rules and as generally defined by the AMLA, as amended, and its RIRR, or bep a financial institution operating outside the Philippines that is other than covered institutions referred to in a but conducts business operation and activities similar to them.

Neither may such reporting be published or aired in any manner or form by the mass media, circulxr mail, or other similar devices. True and full name of the buyer or the applicant if buying on behalf of an entity; 2.

Safe Harbor Provision – No administrative, 760 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 criminal prosecution under the AMLA, as amended, its RIRR or any other law.

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For this purpose, they shall be given ninety 90 days from circluar of this Circular within which to make their system fully operational and automated with all the functionalities stated above. Transactions involving transfer of funds from one deposit account to another deposit account of the same person within the same bank. In case of cicular thereof, the concerned officer and employee of the covered institution and media shall be held criminally liable.

Senior Citizen card For customers assessed to be of low risk such as an individual customer with regular employment or economically productive activity, small account balance and transactions, and a resident in the area of the covered institutions may apply reduced due diligence.

Because of the dubious nature of shell banks, no shell bank shall be allowed to operate or be established in the Philippines. Tax Identification Number 9. Basic Principles and Policies to Combat Money Laundering – in line with the declaration of policy, covered institutions shall apply the following principles:. The certificate of registration shall be for each head office, branch, agent, sub-agent, extension office or business outlet of foreign exchange dealers, money changers and remittance agents.

For this purpose, the term official authority shall refer to any of the following: Results of the audit shall likewise be promptly communicated to the Compliance Office for its appropriate corrective action. Has the capability to record all STs and support the investigation of alerts generated by the system and brought to the attention of Senior Management whether or not a report was filed with the AMLC. The MLPP shall also be readily available in user-friendly form, whether in hard or soft copy.

Ensure that infractions, discovered either by internally initiated audits or by special or regular examination conducted by the BSP, are immediately corrected. Minimum validation procedures – Validation procedures for individual customers shall include 7006 is not limited to the following: Date and place of birth; 4.

A covered institution shall maintain a system of verifying the true identity of their customers and, in case of corporate and juridical entities, require a system of verifying their legal existence and organizational structure as well as the authority and identification of all persons purporting to act on their behalf.

Watch list monitoring – checks transfer parties originator, beneficiary, and narrative fields and the existing customer database for any listed undesirable individual or corporation. E Transaction refers to any act establishing any right or obligation or giving rise to any contractual or legal relationship between the parties thereto. In addition, the correspondent bank shall:. Declaration of Policy – The BSP adopts the policy of the State to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines in general and the covered institutions herein described in particular shall not be used respectively as a money laundering site and conduit for the proceeds of an unlawful activity as hereto defined.

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A customer also includes the beneficiary of a trust, an investment fund, a pension fund or a company or person whose assets are managed by an asset manager, or a grantor of a trust. Q Beneficiary institution – refers to the entity that will pay out the money to the beneficiary and can either be a a covered institution 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.

Approval by the Board of Directors or Country Head – Within one hundred eighty days days from effectivity of these Rules, all covered institutions shall prepare and have available for inspection an updated MLPP embodying the principles and provisions stated in these rules. H Shell Company – Legal entities which have no business substance in their own right but through which financial transactions may be conducted.

Valid Ids include the following: Name, present address, date and place of birth, nature of work and source of funds of beneficial owner or beneficiary, if applicable; and 9. Some entities may likewise be considered as low risk clients, these are: Contacting the customer by phone, email or letter such as sending of “thank you letters” ; and.

Bangko Sentral ng Pilipinas – Regulations

The amount involved is not commensurate with the business or financial capacity of the client. Confirming the date of birth from a duly authenticated official document; 2.

The deposit of said instruments shall be subject to the same requirements of scrutiny applicable to cash deposits; and 6. An independent audit program with written scope of audit that will ensure 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.

It can either be a a covered institution 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 institution referred to in a but conducts business operations and activities similar to them.

Criteria for type of customers: Address or in its absence the national identity number or date and place of birth of the originator; and 3. Organize the timing and content of AML training of officers and employees including regular circcular trainings as stated in Section X