MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31verifying their legal existence andorganizational structure, as well as theauthority and identification of all personspurporting to act on their behalf. Coveredinstitutions shall establish appropriate systemsand methods based on internationallycompliant standards and adequate internalcontrols for verifying and recording the trueand full identity of their customers.Rule 9.1.b. Trustee, Nominee and AgentAccounts. - When dealing with customerswho are acting as trustee, nominee, agentor in any capacity for and on behalf ofanother, covered institutions shall verifyand record the true and full identity of theperson(s) on whose behalf a transactionis being conducted. Covered institutionsshall also establish and record the true andfull identity of such trustees, nominees,agents and other persons and the nature oftheir capacity and duties. In case a coveredinstitution has doubts as to whether suchpersons are being used as dummies incircumvention of existing laws, it shallimmediately make the necessary inquiriesto verify the status of the business relationshipbetween the parties.Rule 9.1.c. Minimum Information/Documents Required for IndividualCustomers. - Covered institutions shallrequire customers to produce originaldocuments of identity issued by an officialauthority, bearing a photograph of thecustomer. Examples of such documents areidentity cards and passports. The followingminimum information/documents shall beobtained from individual customers:(1) Name;(2) Present address;(3) Permanent address;(4) Date and place of birth;(5) Nationality;(6) Nature of work and name ofemployer or nature of self-employment/business;(7) Contact numbers;(8) Tax identification number, SocialSecurity System number or GovernmentService and Insurance System number;(9) Specimen signature;(10) Source of fund(s); and(11) Names of beneficiaries in case ofinsurance contracts and wheneverapplicable.Rule 9.1.d. Minimum Information/Documents Required for Corporate andJuridical Entities. - Before establishingbusiness relationships, coveredinstitutions shall endeavor to ensure thatthe customer is a corporate or juridicalentity which has not been or is not inthe process of being, dissolved, woundup or voided, or that its business oroperations has not been or is not in theprocess of being, closed, shut down,phased out, or terminated. Dealingswith shell companies and corporations,being legal entities which have nobusiness substance in their own right butthrough which financial transactionsmay be conducted, should beundertaken with extreme caution. Thefollowing minimum information/documents shall be obtained fromcustomers that are corporate or juridicalentities, including shell companies andcorporations:(1) Articles of Incorporation/Partnership;(2) By-laws;(3) Official address or principalbusiness address;(4) List of directors/partners;(5) List of principal stockholdersowning at least two percent (2%) of thecapital stock;(6) Contact numbers;(7) Beneficial owners, if any; and(8) Verification of the authority andidentification of the person purporting toact on behalf of the client.Q RegulationsAppendix Q-25 - Page 14Manual of Regulations for Non-Bank Financial Institutions