MORNBFI Vol. 1 - Planters Development Bank

§§ 4806Q.2.d. - 4806Q.2.e.1.a.11.12.313. In line with requirement no.1, allidentification information and/or documentsshall be turned over within a period notexceeding ninety (90) calendar days to thecovered institution, which shall carefullyreview the documents and conduct thenecessary risk assessment of the customer.For non-covered institutioncounterparty:1. All conditions required for coveredinstitutions counterparty;2. The covered institution outsourcingthe activity shall likewise ensure that theemployees or representatives of thecounterparty establishing the true and fullidentity of the customer undergo equivalenttraining program as that of the coveredinstitution’s own employees undertaking asimilar activity.3. Annual monitoring and review bythe covered institution of the performanceof the counterparty to assist it indetermining whether or not to continue withthe arrangement.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.e. Trustee, nominee, agentor intermediary account. Where anytransaction is conducted by a trustee,nominee, agent or intermediary, either asan individual or through a fiduciaryrelationship, a corporate vehicle orpartnership, on behalf of a trustor,principal, beneficial owner or person onwhose behalf a transaction is beingconducted, covered institutions shallestablish and record the true and full identityand existence of both the (1) trustee,nominee, agent or intermediary and the(2) trustor, principal beneficial owner orperson on whose behalf the transaction isbeing conducted. The covered institutionshall determine the true nature of the parties’capacities and duties by obtaining a copyof the written document evidencing theirrelationship and apply the same standardsfor assessing the risk profile and determiningthe standard of due diligence to be appliedto both.In case it entertains doubts as to whetherthe trustee, nominee, agent, or intermediaryis being used as a dummy in circumventionof existing laws, it shall apply enhanced duediligence is accordance with Subsec.4806Q.1.b.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.e.1. Where the customertransacts through a trustee, nominee, agentor intermediary which is a third party asherein defined (Third Party Reliance). Acovered institution may rely on the customeridentification process undertaken by a thirdparty. For purposes of this Subsection, the“third party” shall refer to ai) covered institution as hereinspecifically defined and as generally definedby AMLA, as amended, and its RIRR, orii) an FI operating outside the Philippinesthat is covered by equivalent customeridentification requirements. A BSPaccreditedcustodian may likewise rely inaccordance with these rules on the face-tofacecontact and gathering of minimuminformation to establish the existence andfull identity of the customer conducted bythe seller or issuer of securities or by theglobal custodian provided the latter has anequivalent customer identificationrequirements.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.e.1.a. Third party is acovered institution specifically defined bythis Part and as generally defined by AMLA,as amended and its RIRR. A coveredinstitution may rely on the identificationprocess conducted by this third partyprovided that the covered institution shallobtain from the third party a written sworncertification containing the following:1) The third party has conducted therequisite customer identificationrequirements in accordance with this PartQ RegulationsPart VIII - Page 14Manual of Regulations for Non-Bank Financial Institutions