923 ADDITIONAL PREVENTIVE MEASURES FOR SPECIFIC CUSTOMERS AND ACTIVITIES
a. In case of domestic PEPs or persons who have been entrusted with a prominent function by an international organization, or their immediate family members or close associates, in addition to performing the applicable due diligence measures, covered persons shall:
(1) Take reasonable measures to determine whether a customer or the beneficial owner is a PEP; and
(2) In cases when there is a higher risk business relationship, adopt measures under paragraphs “b(2)” to “b(4)” below.
b. In relation to foreign PEPs or their immediate family members or close associates, in addition to performing the applicable customer due diligence measures, covered persons shall:
(1) Put in place risk management systems to determine whether a customer or the beneficial owner is a PEP;
(2) Obtain senior management approval before establishing (or continuing, for existing customers) such business relationship;
(3) Take reasonable measures to establish the source of wealth and the source of funds of customers and beneficial owners identified as PEPs; and
(4) Conduct enhanced ongoing monitoring on that relationship.
a. In relation to cross border correspondent banking and other similar relationship:
(1) Gather sufficient information about the respondent institution to understand fully the nature of the respondent’s business, and to determine from publicly available information the reputation of the institution and the quality of supervision, including whether it has been subject to ML/TF investigation or regulatory action;
(2) Assess the respondent institution’s AML/CFT controls;
(3) Obtain approval from senior management before establishing new correspondent relationships; and
(4) Clearly understand and document the respective AML/CFT responsibilities of each institution.
b. With respect to “payable-through accounts,” satisfy themselves that the respondent bank:
(1) Has performed customer due diligence obligations on its customers that have direct access to the accounts of the correspondent bank; and
(2) Is able to provide relevant customer due diligence information upon request to the correspondent bank.
a. Originating financial institution:
(1) Shall not accept instructions to fund/wire transfer from a non-customer originator, for occasional transactions exceeding the set threshold as defined in this Part, unless it has conducted the necessary CDD to establish the true and full identity and existence of said originator;
(2) Shall ensure that all wire transfers are always accompanied by the required information such that:
(a) Cross border and domestic fund/wire transfers and related message not exceeding P50,000.00 or its equivalent in foreign currency, shall include accurate and meaningful originator and beneficiary information. The following information shall remain with the transfer or related message through the payment chain:
(i) Name of the originator;
(ii) Name of the beneficiary; and
(iii) Account number of the originator and beneficiary, or in its absence, a unique reference number.
(b) For cross border and domestic fund/wire transfers and related message amounting to P50,000.00 or more, or its equivalent in foreign currency, the following information shall be obtained and accompany the wire transfer:
(i) Name of the originator;
(ii) Originator account number where such an account is used to process the transaction or a unique transaction reference number which permits traceability of the transaction;
(iii) Originator’s address, or national identity number, or customer identification number, or date and place of birth;
(iv) Name of the beneficiary; and
(v) Beneficiary account number where such an account is used to process the transaction, or unique transaction reference number which permits traceability of the transaction.
For domestic wire transfers, the originating institution should ensure that the required information accompanies the wire transfers, unless this information can be made available to the beneficiary institution and relevant authorities by other effective means. In the latter case, the originating institution shall include only the account number or a unique identifier within the message or payment form which will allow the transaction to be traced back to the originator or beneficiary. Originating institutions are required to provide the information within three (3) working days from receiving the request either from the beneficiary institution or from relevant authorities or agencies.
(3) May be exempted from the requirements of Item “(2)” above in respect of originator information, where several individual cross-border wire transfers from a single originator are bundled in a batch file for transmission to beneficiaries: Provided, That it includes the originator’s account number or unique transaction reference number and that the batch file contains the required and accurate originator information, and full beneficiary information, that is fully traceable within the beneficiary country;
(4) Need not verify for accuracy the information mentioned in Item “(2)(a)” hereof. However, the originating financial institution shall verify the information pertaining to its customer where there is a suspicion of ML/TF;
(5) Shall ensure that, for domestic wire transfers, the information accompanying the wire transfer includes originator information as indicated for cross-border wire transfers, unless this information can be made available to the beneficiary financial institution and relevant authorities by other effective means.
(6) Shall only include the account number or a unique transaction reference number, where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and appropriate authorities by other effective means: Provided, That this number or identifier will permit the transaction to be traced back to the originator or the beneficiary. The information shall be made available within three (3) worklng days from receipt of the request either from the beneficiary financial institution or from appropriate authorities;
(7) Shall maintain all originator and beneficiary information collected, in accordance with Sec. 924 (Record Keeping); and
(8) Should not execute the wire transfer if the requirements under Item “a” of this Section (Fund/wire Transfer), as applicable, are not complied with.
b. Intermediary financial Institution shall:
(1) Ensure that, for cross-border wire transfers, all originator and beneficiary information that accompany a wire transfer are retained in the payment message.
Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer, intermediary financial institution should keep a record of all the information received from the originating financial institution or another intermediary financial institution for at least five (5) years;
(2) Take reasonable measures, which are consistent with straight-through processing, to identify cross-border wire transfers that lack required originator information or required beneficiary information;
(3) Conduct transactional sanction screening on the payment parties, both for the originator and beneficiary;
(4) Adopt risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and (b) the appropriate follow-up action.
c. Beneficiary financial institution shall:
(1) Verify the identity of the beneficiary, if the identity has not been previously verified and maintain this information in accordance with Sec. 924 (Record Keeping). Should the originator and beneficiary be the same person, the beneficiary institution may rely on the customer due diligence conducted by the originating institution provided the rules on third party reliance under Sec. 921 (Customer identification) are met, treating the originating institution as third party as therein defined;
(2) Take reasonable measures, which may include post-event monitoring or real-time monitoring where feasible, to identify cross-border wire transfers that lack required originator or beneficiary information, as applicable; and
(3) Adopt risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or beneficiary information, as applicable; and (b) the appropriate follow-up action.
d. In case a Money or Value Transfer Service (MVTS) provider controls both the originating and the beneficiary side of a wire transfer, it shall;
(1) consider all the information from both the originating and beneficiary sides in order to determine whether an STR has to be filed; and
(2) file an STR in any country affected by the suspicious wire transfer, and make relevant transaction information available to the AMLC.
a. True and full name of the buyer or the applicant if buying on behalf of an entity;
b. Account number;
c. Date of issuance and the number of the check;
d. Name of the payee;
e. Amount; and
f. Purpose of such transaction.
a. The amount of each check shall not exceed P10,000;
b. The buyer of the check is properly identified in accordance with its customer acceptance and identification policies and as required under Sec. 921;
c. A register of said checks indicating all the information required under Sec. 921;
d. A covered person which issues as well as those which accepts as deposits, said cashier’s, manager’s or certified checks or other similar instruments issued in blank or payable to cash, bearer or numbered account shall take such measure(s) as may be necessary to ensure that said instruments are not being used/resorted to by the buyer or depositor in furtherance of an ML activity;
e. The deposit of said instruments shall be subject to the same requirements of scrutiny applicable to cash deposits; and
f. Transactions involving said instruments should be accordingly reported to the AMLC if there is reasonable ground to suspect that said transactions are being used to launder funds of illegitimate origin.
a. To implement targeted financial sanctions without delay to comply with UNSCR, adopted under Chapter Vll of the Charter of the United Nations, relating to the prevention, suppression and disruption of proliferation of weapons of mass destruction and its financing;
b. To ensure that individuals/entities be prohibited from making any types of transactions or services for the benefit of designated persons and entities owned or controlled, directly or indirectly, by designated persons or entities; and persons and entities acting on behalf of, or at the direction of, designated persons or entities pursuant to relevant UNSCR such as 1267 (L999) and its successor resolutions, and 1373 (2001); and
c. To report to AMLC the actions taken in compliance with the prohibition requirements of the relevant UNSCRs, including attempted transactions.