MORNBFI Vol. 1 - Planters Development Bank

§ 4805Q.2 - 4805Q.411.12.316) A mechanism that ensures alldeficiencies noted during the audit and/orBSP regular or special examination areimmediately corrected and acted upon;7) Cooperation with the AMLC; and8) Designation of an AML complianceofficer, who shall at least be at seniorofficer level, as the lead implementor of theprogram within an adequately staffedcompliance office. The AML complianceofficer may also be the liaison between thecovered institution, the BSP and the AMLCin matters relating to the coveredinstitution’s AML compliance. Whereresources of the covered institution do notpermit the hiring of an AML complianceofficer, the compliance officer shall alsoassume the responsibility of the former.(Circular No. 706 dated 05 January 2011)§ 4805Q.2.a. Submission of the revisedand updated MLPP 1 ; Approval by the boardof directors or country head. Within 180days from 27 January 2011, all coveredinstitutions shall prepare and have availablefor inspection an updated MLPP embodyingthe principles and provisions stated in thispart. The compliance officer shall submitto the Anti-Money Laundering SpecialistGroup, SES I a sworn certification that therevised MLPP had been prepared, dulynoted and approved by the board ofdirectors or the country head or its equivalentfor local branches of foreign banks.Henceforth, each MLPP shall beregularly updated at least once every two(2) years to incorporate changes in AMLpolicies and procedures, latest trends inmoney laundering and terrorist financingtypologies, and latest pertinent BSPissuances. Any revision or update in theMLPP shall likewise be approved by boardof directors or the country/regional head or itsequivalent for local branches of foreign banks.(Circular No. 706 dated 05 January 2011 and M-2011-045 dated16 August 2011)§ 4805Q.3 Monitoring and reportingtools. All covered institutions shall adoptan AML and terrorist financing monitoringsystem that is appropriate for theirrisk-profile and business complexity and inaccordance with this Part. The systemshould be capable of generating timely,accurate and complete reports to lessen thelikelihood of any reputational andcompliance risks, and to regularly apprisethe board of directors and seniormanagement on anti-money laundering andterrorist financing compliance.As amended by Circular No. 706 dated 05 January 2011)§ 4805Q.3.a. Electronic monitoring andreporting systems for money launderingUBs and KBs shall adopt an electronic AMLsystem capable of monitoring risksassociated with money-laundering andterrorist financing as well as generatingtimely reports for the guidance andinformation of its board of directors andsenior management in addition to thefunctionalities mentioned in Subsec.4807Q.2.(Circular No. 706 dated 05 January 2011)§ 4805Q.3.b. Manual monitoring. Forcovered institutions other than UBs andKBs, it need not have an electronic systembut must ensure that it has the means ofcomplying with Subsec. 4805Q.3.(Circular No. 706 dated 05 January 2011)§ 4805Q.4 Internal audit. The internalaudit function associated with moneylaundering and terrorist financing should beconducted by qualified personnel who areindependent of the office being audited. Itmust have the support of the board ofdirectors and senior management and havea direct reporting line to the board or a boardlevel audit committee.The internal audit shall, in addition tothose specified by this Part, be responsiblefor the periodic and independent evaluation1RBs are given a three (3) months extension or up to 26 October 2011, within which to submit to the AMLSGthe Sworn Certification.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart VIII - Page 7