MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31investigation and prosecution of moneylaundering offenses and other violations ofthe AMLA.(11) To impose administrativesanctions for the violation of laws, rules,regulations and orders and resolutionsissued pursuant thereto.Rule 7.3. Meetings. - The AMLC shallmeet every first Monday of the month, oras often as may be necessary at the call ofthe Chairman.RULE 8CREATION OF A SECRETARIATRule 8.1. The Executive Director. - TheSecretariat shall be headed by anExecutive Director who shall be appointedby the AMLC for a term of five (5) years.He must be a member of the Philippine Bar,at least thirty-five (35) years of age, must haveserved at least five (5) years either at the BSP,the SEC or the IC and of good moralcharacter, unquestionable integrity andknown probity. He shall be considered aregular employee of the BSP with the rankof Assistant Governor, and shall be entitledto such benefits and subject to such rules andregulations, as well as prohibitions, as areapplicable to officers of similar rank.Rule 8.2. Composition. - In organizing theSecretariat, the AMLC may choose fromthose who have served, continuously orcumulatively, for at least five (5) years inthe BSP, the SEC or the IC. All membersof the Secretariat shall be consideredregular employees of the BSP and shallbe entitled to such benefits and subject tosuch rules and regulations as are applicableto BSP employees of similar rank.Rule 8.3. Detail and Secondment. - TheAMLC is authorized under Section 7 (10)of the AMLA to enlist the assistance of theBSP, the SEC or the IC, or any other branch,department, bureau, office, agency orinstrumentality of the government, includinggovernment-owned and controlledcorporations, in undertaking any and all antimoneylaundering operations. This includesthe use of any member of their personnelwho may be detailed or seconded to theAMLC, subject to existing laws and CivilService Rules and Regulations. Detailedpersonnel shall continue to receive theirsalaries, benefits and emoluments from theirrespective mother units. Seconded personnelshall receive, in lieu of their respectivecompensation packages from their respectivemother units, the salaries, emoluments andall other benefits to which their AMLCSecretariat positions are entitled to.Rule 8.4. Confidentiality Provisions. - Themembers of the AMLC, the ExecutiveDirector, and all the members of theSecretariat, whether permanent, on detailor on secondment, shall not reveal, in anymanner, any information known to themby reason of their office. This prohibitionshall apply even after their separationfrom the AMLA. In case of violation of thisprovision, the person shall be punishedin accordance with the pertinentprovisions of the Central Bank Act.RULE 9PREVENTION OF MONEYLAUNDERING; CUSTOMERIDENTIFICATION REQUIREMENTSAND RECORD KEEPINGRule 9.1. Customer IdentificationRequirementsRule 9.1.a. Customer Identification. -Covered institutions shall establish andrecord the true identity of its clients basedon official documents. They shallmaintain a system of verifying the trueidentity of their clients and, in case ofcorporate clients, require a system ofManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 13