MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31REVISED IMPLEMENTING RULES AND REGULATIONSR.A. NO. 9160, AS AMENDED BY R.A. NO. 9194[Appendix to Sec. 4801Q (2008 - 4691Q)]RULE 1TITLERule 1.a. Title. - These Rules shall beknown and cited as the “Revised Rules andRegulations Implementing R.A. No. 9160”,(the Anti-Money Laundering Act of 2001[AMLA]), as amended by R.A. No. 9194.Rule 1.b. Purpose. - These Rules arepromulgated to prescribe the proceduresand guidelines for the implementation ofthe AMLA, as amended by R.A. No. 9194.RULE 2DECLARATION OF POLICYRule 2. Declaration of Policy. - It is herebydeclared the policy of the State to protectthe integrity and confidentiality of bankaccounts and to ensure that the Philippinesshall not be used as a money-launderingsite for the proceeds of any unlawfulactivity. Consistent with its foreign policy,the Philippines shall extend cooperation intransnational investigations andprosecutions of persons involved in moneylaundering activities wherever committed.RULE 3DEFINITIONSRule 3. Definitions. – For purposes of thisAct, the following terms are hereby definedas follows:Rule 3.a. Covered Institution refers to:Rule 3.a.1. Banks, offshore bankingunits, quasi-banks, trust entities, non-stocksavings and loan associations, pawnshops,and all other institutions, including theirsubsidiaries and affiliates supervisedand/or regulated by the Bangko Sentral ngPilipinas (BSP).(a) A subsidiary means an entity morethan fifty percent (50%) of the outstandingvoting stock of which is owned by a bank,quasi-bank, trust entity or any otherinstitution supervised or regulated by theBSP.(b) An affiliate means an entity at leasttwenty percent (20%) but not exceeding fiftypercent (50%) of the voting stock of whichis owned by a bank, quasi-bank, trust entity,or any other institution supervised and/orregulated by the BSP.Rule 3.a.2. Insurance companies,insurance agents, insurance brokers,professional reinsurers, reinsurance brokers,holding companies, holding companysystems and all other persons and entitiessupervised and/or regulated by theInsurance Commission (IC).(a) An insurance company includesthose entities authorized to transactinsurance business in the Philippines,whether life or non-life and whetherdomestic, domestically incorporated orbranch of a foreign entity. A contract ofinsurance is an agreement whereby oneundertakes for a consideration to indemnifyanother against loss, damage or liabilityarising from an unknown or contingentevent. Transacting insurance businessincludes making or proposing to make, asinsurer, any insurance contract, or as surety,any contract of suretyship as a vocation andnot as merely incidental to any otherlegitimate business or activity of the surety,doing any kind of business specificallyrecognized as constituting the doing of aninsurance business within the meaning ofManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 1