MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31Rule 9.1.e. Prohibition Against CertainAccounts. Covered institutions shallmaintain accounts only in the true and fullname of the account owner or holder. Theprovisions of existing laws to the contrarynotwithstanding, anonymous accounts,accounts under fictitious names, and allother similar accounts shall be absolutelyprohibited.Rule 9.1.f. Prohibition Against Openingof Accounts Without Face-to-faceContact. - No new accounts shall beopened and created without face-to-facecontact and full compliance with therequirements under Rule 9.1.c of these Rules.Rule 9.1.g. Numbered Accounts. - Pesoand foreign currency non-checkingnumbered accounts shall be allowed:Provided, That the true identity of thecustomers of all peso and foreign currencynon-checking numbered accounts aresatisfactorily established based on officialand other reliable documents and records,and that the information and documentsrequired under the provisions of theseRules are obtained and recorded by thecovered institution. No peso and foreigncurrency non-checking accounts shall beallowed without the establishment of suchidentity and in the manner herein provided.The BSP may conduct annual testing for thepurpose of determining the existence andtrue identity of the owners of such accounts.The SEC and the IC may conduct similartesting more often than once a year andcovering such other related purposes as maybe allowed under their respective charters.Rule 9.2. Record Keeping RequirementsRule 9.2.a. Record Keeping: Kinds ofRecords and Period for Retention. – Allrecords of all transactions of coveredinstitutions shall be maintained and safelystored for five (5) years from the dates oftransactions. Said records and files shallcontain the full and true identity of theowners or holders of the accounts involvedin the covered transactions and all othercustomer identification documents.Covered institutions shall undertake thenecessary adequate security measures toensure the confidentiality of such file.Covered institutions shall prepare andmaintain documentation, in accordance withthe aforementioned client identificationrequirements, on their customer accounts,relationships and transactions such that anyaccount, relationship or transaction can beso reconstructed as to enable the AMLC,and/or the courts to establish an audit trailfor money laundering.Rule 9.2.b. Existing and New Accountsand New Transactions. - All records ofexisting and new accounts and of newtransactions shall be maintained and safelystored for five (5) years from 17 October2001 or from the dates of the accounts ortransactions, whichever is later.Rule 9.2.c. Closed Accounts. - With respectto closed accounts, the records on customeridentification, account files and businesscorrespondence shall be preserved andsafely stored for at least five (5) years fromthe dates when they were closed.Rule 9.2.d. Retention of Records in Casea Money Laundering Case has been Filedin Court. – If a money laundering casebased on any record kept by the coveredinstitution concerned has been filed incourt, said file must be retained beyond theperiod stipulated in the three (3) immediatelypreceding sub-Rules, as the case may be,until it is confirmed that the case has beenfinally resolved or terminated by the court.Rule 9.2.e. Form of Records. – Recordsshall be retained as originals in such formsas are admissible in court pursuant toManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 15