MORNBFI Vol. 1 - Planters Development Bank

§§ 4806Q.1.c. - 4806Q.1.e.1.11.12.31showing permanent address or throughon-site visitation;3. Contacting the customer by phone,email or letter (such as sending of “thankyou letters”); and4. Determining the authenticity of theidentification documents through validationof its issuance by requesting a certificationfrom the issuing authority or by any othermeans.For corporate or juridical entities,validation procedures shall include but notlimited to the following:1. Requiring the submission of auditedfinancial statements conducted by areputable accounting/auditing firm;2. Inquiring from the supervisingauthority the status of the entity;3. Obtaining bank references;4. On-site visitation of the company;and5. Contacting the entity by phone,email or letter (such as “thank you letters”).(Circular No. 706 dated 05 January 2011)§ 4806Q.1.d. Reduced due diligenceWhenever reduced due diligence is appliedin accordance with the covered institution’scustomer acceptance policy, the followingrules shall apply:a. For individual customers, a coveredinstitution may open an account under thetrue and full name of the account owner orowners and defer acceptance of theminimum information. Deferred acceptanceof minimum information shall meanobtaining information numbers 1 to 7 ofSubsec. 4806Q.2.a at the time of accountopening while the rest, numbers 8 to 11,may be obtained within a reasonable timebut not exceeding ninety (90) days fromaccount opening.b. For corporate, partnership, and soleproprietorship entities, and other entitiessuch as banking institutions, trust entitiesand QBs authorized by the BSP to operateas such, publicly listed companies subjectto regulatory disclosure requirements,government agencies including GOCCs, acovered institution may open an accountunder the official name of these entities withonly no. 4 of those required under Subsec.4806Q.2.b (Board Resolution duly certifiedby the Corporate Secretary authorizing thesignatory to sign on behalf of the entity)- obtained at the time of account opening.(Circular No. 706 dated 05 January 2011)§ 4806Q.1.e. Face-to-face contact. Nonew accounts shall be opened and createdwithout face-to-face contact and personalinterview between the covered institution’sduly authorized personnel and thepotential customer except under thefollowing arrangements:(Circular No. 706 dated 05 January 2011)§ 4806Q.1.e.1. Account openedthrough a trustee, agent, nominee, orintermediary. Where the account isopened through a trustee, agent, nomineeor intermediary, the covered institutionshall establish and record the true and fullidentity and existence of both the (a)trustee, nominee, agent or intermediaryand (b) trustor, principal, beneficialowner, or person on whose behalf theaccount is being opened. The coveredinstitution shall determine the true natureof the parties’ capacities and duties byobtaining a copy of the written documentevidencing their relationship and apply thesame criteria for assessing the risk profileand determining the standard of duediligence to be applied to both.In cases of several trustors, principals,beneficial owners, or persons on whosebehalf the account are being openedwhere the trustee, nominee, agent orintermediary opens a single account butkeeps therein sub-accounts that may beattributable to each trustor, principal,beneficial owner, or person on whosebehalf the account is being opened, theQ RegulationsPart VIII - Page 10Manual of Regulations for Non-Bank Financial Institutions