MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31Penal Code, as amended, including thoseperpetrated by terrorists against noncombatantpersons and similar targets.Rule 11.2.a. Procedure For ExaminationWithout A Court Order. - Where any ofthe unlawful activities enumerated underthe immediately preceding Rule 11.2 areinvolved, and there is probable cause thatthe deposits or investments with anybanking or non-banking financialinstitution and their subsidiaries andaffiliates are in anyway related to theseunlawful activities the AMLC shall issue aresolution authorizing the inquiry into orexamination of any deposit or investmentwith such banking or non-banking financialinstitution and their subsidiaries andaffiliates concerned.Rule 11.2.b. Duty of the bankinginstitution or non- banking institutionupon receipt of the AMLC Resolution. -The banking institution or the non-bankingfinancial institution and their subsidiariesand affiliates shall, immediately upon receiptof the AMLC Resolution, allow the AMLCand/or its authorized representative(s) fullaccess to all records pertaining to the depositor investment account.Rule 11.3. - BSP Authority to Examinedeposits and investments; AdditionalException to the Bank Secrecy Act. - Toensure compliance with this act, the BSPmay inquire into or examine any particulardeposit or investment with any bankinginstitution or non-bank financial institutionand their subsidiaries and affiliates whenthe examination is made in the course of aperiodic or special examination, inaccordance with the rules of examinationof the BSP.Rule 11.3.a. BSP Rules of Examination. -The BSP shall promulgate its rules ofexamination for ensuring compliance bybanks and non-bank financial institutionsand their subsidiaries and affiliates with theAMLA and these rules.Any findings of the BSP which mayconstitute a violation of any provision ofthis act shall be transmitted to the AMLCfor appropriate action.RULE 12FORFEITURE PROVISIONSRule 12.1. Authority to Institute CivilForfeiture Proceedings. – The AMLC isauthorized under Section 7 (3) of the AMLAto institute civil forfeiture proceedings andall other remedial proceedings through theOffice of the Solicitor General.Rule 12.2. When Civil Forfeiture May beApplied. – When there is a SuspiciousTransaction Report or a CoveredTransaction Report deemed suspicious afterinvestigation by the AMLC, and the courthas, in a petition filed for the purpose,ordered the seizure of any monetaryinstrument or property, in whole or in part,directly or indirectly, related to said report,the Revised Rules of Court on civil forfeitureshall apply.Rule 12.3. Claim on Forfeited Assets. -Where the court has issued an order offorfeiture of the monetary instrument orproperty in a criminal prosecution for anymoney laundering offense under Section 4of the AMLA, the offender or any otherperson claiming an interest therein mayapply, by verified petition, for a declarationthat the same legitimately belongs to him,and for segregation or exclusion of themonetary instrument or propertycorresponding thereto. The verified petitionshall be filed with the court which renderedthe judgment of conviction and order offorfeiture within fifteen (15) days from thedate of the order of forfeiture, in default ofwhich the said order shall become final andManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 19