MORNBFI Vol. 1 - Planters Development Bank

§§ 4808Q - 4809Q11.12.31customer and the covered institutions keepa record of the names of these low riskcustomers after the lapse of three (3) years. Thisprovision is subject to Subsec. 4808Q.2, whena money laundering case is filed in court.(Circular No. 706 dated 05 January 2011)§ 4808Q.1 Closed accounts. Withrespect to closed accounts, the records oncustomer identification, account files andbusiness correspondences shall bepreserved and safely stored for at least five(5) years from the date of closure.(Circular No. 706 dated 05 January 2011)§ 4808Q.2 Retention of records in casea money laundering case has been filed incourt. If a money laundering case based onany report kept by the covered institutionconcerned has been filed in court, said filemust be retained beyond the five (5) yearretention period and until it is confirmedthat the case has been finally resolved orterminated by the court.(Circular No. 706 dated 05 January 2011)§ 4808Q.3 Safekeeping of records anddocuments. The covered institution shalldesignate at least two (2) officers who willbe jointly responsible and accountable inthe safekeeping of all records anddocuments required to be retained by theAMLA, as amended, its RIRR and this Part.They shall have the obligation to make thesedocuments and records readily availablewithout delay during BSP regular or specialexaminations.(Circular No. 706 dated 05 January 2011)§ 4808Q.4 Form of records. Recordsshall be retained as originals or copies insuch form as are admissible in courtpursuant to existing laws, such as theE-Commerce Act and its implementing rulesand regulations, and the applicable rulespromulgated by the Supreme Court.(Circular No. 706 dated 05 January 2011)E. Training ProgramSec. 4809Q AML Training ProgramCovered institutions shall formulate anannual AML training program aimed atproviding all their responsible officers andpersonnel with efficient, adequate andcontinuous education program to enablethem to fully and consistently complywith all their obligations under this Partrules, the AMLA, as amended, and itsRIRR.Trainings of officers and employeesshall include awareness of their respectiveduties and responsibilities under theMLPP particularly in relation to thecustomer identification process, recordkeeping requirements and CT and STreporting and ample understanding of theinternal processes including the chain ofcommand for the reporting andinvestigation of suspicious and moneylaundering activities.The program shall be designed in amanner that will comprise of variousfocuses for new staff, front-line staff,compliance office staff, internal audit staff,officers, senior management, directors andstockholders. Regular refresher trainingsshall likewise be provided in order toguarantee that officers and staff areinformed of new developments andissuances related to the prevention ofmoney laundering and terrorism financingas well as reminded of their respectiveresponsibilities vis-à-vis the coveredinstitution’s processes, policies andprocedures.Covered institution’s annual AMLtraining program and records of all AMLseminars and trainings conducted by thecovered institution and/or attended by itspersonnel (internal or external), includingcopies of AML seminar/training materials,shall be appropriately kept by thecompliance office/unit/department, andshould be made available during periodicor special BSP examination.(Circular No. 706 dated 05 January 2011)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart VIII - Page 23