MORNBFI Vol. 1 - Planters Development Bank

§§ 4807Q.5 - 4808Q11.12.31§ 4807Q.5 Exemption from BankSecrecy Laws. When reporting covered orsuspicious transactions to the AMLC,covered institutions and their officers andemployees shall not be deemed to haveviolated R.A. No. 1405, as amended, R.A.No. 6426, as amended, R.A. No. 8791 andother similar laws, but are prohibited fromcommunicating, directly or indirectly, in anymanner or by any means, to any person, thefact that a covered or suspicious transactionreport was made, the contents thereof, orany other information in relation thereto. Incase of violation thereof, the concernedofficer and employee of the coveredinstitution shall be criminally liable inaccordance with the provision of the AMLA,as amended.(Circular No. 706 dated 05 January 2011)§ 4807Q.6 Confidentiality provisionWhen reporting CTs and STs to the AMLC,covered institutions, their directors, officersand employees are prohibited fromcommunicating directly or indirectly, in anymanner or by any means, to any person orentity, the media, the fact that a covered orsuspicious transaction report was made, thecontents thereof, or any other informationin relation thereto. Neither may suchreporting be published or aired in anymanner or form by the mass media,electronic mail, or other similar devices. Incase of violation thereof, the concernedofficer and employee of the coveredinstitution and media shall be heldcriminally liable.(Circular No. 706 dated 05 January 2011)§ 4807Q.7 Safe harbor provisionNo administrative, criminal or civilproceedings, shall lie against any person forhaving made a CTR or an STR in the regularperformance of his duties in good faith,whether or not such reporting results in anycriminal prosecution under the AMLA, asamended, its RIRR or any other law.(Circular No. 706 dated 05 January 2011)D. Record Keeping and RetentionSec. 4808Q Record Keeping. All customeridentification records of covered institutionsshall be maintained and safely stored as longas the account exists. All transactionrecords, including all unusual or suspiciouspatterns of account activity whether or notan STR was filed with the AMLC, of coveredinstitutions shall be maintained and safelystored for five (5) years from the date oftransaction.Said records and files shall contain thefull and true identity of the owners orholders of the accounts involved in thetransactions such as the ID card andphoto of individual customers and thedocuments mentioned in Subsec.4806Q.2.b, for entities, customerinformation file, signature card ofauthorized signatory/ies, and all otherpertinent customer identificationdocuments as well as all factualcircumstances and records involved in thetransaction. Covered institutions shallundertake the necessary adequate securitymeasures to ensure the confidentiality ofsuch file. Covered institutions shallprepare and maintain documentation, inaccordance with the aforementionedclient identification requirements, on theircustomer accounts relationships andtransactions such that any account,relationship or transaction can bereconstructed as to enable the AMLC, and/or the courts to establish an audit trail formoney laundering.Whenever a bank engaged inmicro-finance operations has tagged amicro-finance client, as defined under BSPregulations, as low risk in accordance withSubsec. 4806Q.1.a., the customer’sidentification and transaction records shallbe retained for five (5) years except that saidretention period may be reduced to three(3) years provided that sufficient documentsduly support the low risk profile of saidQ RegulationsPart VIII - Page 22Manual of Regulations for Non-Bank Financial Institutions