MORNBFI Vol. 1 - Planters Development Bank

§§ 4806Q.2.i. - 4806Q.2.j.2.11.12.311. Name of the originator2. Address or in its absence thenational identity number or date andplace of birth of the originator; and3. Account number of the originatoror in its absence, a unique referencenumber must be included.(f) Should any wire transfer amountingto P50,000 or more or its equivalent beunaccompanied by the required originatorinformation, the beneficiary institutionshall exert all efforts to establish the trueand full identity and existence of theoriginator by requiring additionalinformation from the originatinginstitution or intermediary institution. Itshall likewise apply enhanced duediligence to establish the true and fullidentity and existence of the beneficiary.Where additional information cannot beobtained, or any information or documentprovided is false or falsified, or result ofthe validation process is unsatisfactory,the beneficiary institution shall refuse toeffect the fund/wire transfer or the payoutof funds without prejudice to thereporting of a suspicious transaction tothe AMLC when circumstances warrant.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.j. Buyers of cashier’smanager’s or certified checks. A coveredinstitution may sell cashier’s, manager’s orcertified checks only to its existingcustomers and shall maintain a register ofsaid checks indicating the followinginformation:1. True and full name of the buyer orthe applicant if buying on behalf of anentity;2. Account number;3. Date of issuance and the number ofthe check;4. Name of the payee;5. Amount; and6. Purpose of such transaction.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.j.1. Buyers of cashier’s,manager’s or certified checks other thanits existing customer. Where anindividual or an entity other than anexisting customer applies for the issuanceof cashier’s, manager’s or certified checks,the covered institution shall, in addition tothe information required in Subsec.4806Q.2.j., obtain all the identificationdocuments and minimum informationrequired by this Part to establish the trueand full identity and existence of theapplicant. In no case shall reduced duediligence be applied to the applicant and,where circumstances warrant, enhanceddue diligence should be applied.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.j.2. Buyers of cashier’s,manager’s or certified checks in blank orpayable to cash, bearer or numberedaccount. A covered institution may issuecashier’s, manager’s or certified checks orother similar instruments in blank orpayable to cash, bearer or numberedaccount subject to the followingconditions:1. The amount of each check shall notexceed Ten Thousand pesos (P10,000);2. The buyer of the check is properlyidentified in accordance with its customeracceptance and identification policies andas required under Subsec. 4806Q.2.j. andSubsec. 4806Q.2.j.1;3. A register of said checks indicatingall the information required under Subsec.4806Q.2.j.4. A covered institution which issuesas well as those which accepts as deposits,said cashier’s, manager’s or certified checksor other similar instruments issued in blankor payable to cash, bearer or numberedaccount shall take such measure(s) as maybe necessary to ensure that said instrumentsare not being used/resorted to by the buyeror depositor in furtherance of a moneylaundering activity;Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart VIII - Page 17