MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31monetary instrument or property subjectthereof from being removed, concealed,converted, commingled with other propertyor otherwise to prevent its being found ortaken by the applicant or otherwise placedor taken beyond the jurisdiction of the court.However, no assets shall be attached to theprejudice of a candidate for an electoral officeduring an election period.Rule 15.2.b. - Where there is conviction formoney laundering under Section 4 of theAMLA, the court shall issue a judgment offorfeiture in favor of the Government of thePhilippines with respect to the monetaryinstrument or property found to be proceedsof one or more unlawful activities.However, no assets shall be forfeited to theprejudice of a candidate for an electoraloffice during an election period.RULE 16RESTITUTIONRule 16. Restitution. - Restitution for anyaggrieved party shall be governed by theprovisions of the New Civil Code.RULE 17IMPLEMENTING RULES ANDREGULATIONS AND MONEYLAUNDERING PREVENTIONPROGRAMSRule 17.1. Implementing Rules andRegulations. –(a) Within thirty (30) days from theeffectivity of R.A. No. 9160, as amendedby R.A. No. 9194, the BSP, the InsuranceCommission and the Securities andExchange Commission shall promulgatethe Implementing Rules and Regulationsof the AMLA, which shall be submitted tothe Congressional Oversight Committeefor approval.(b) The Supervising Authorities, theBSP, the SEC and the IC shall, under theirown respective charters and regulatoryauthority, issue their Guidelines andCirculars on anti-money laundering toeffectively implement the provisions of R.A.No. 9160, as amended by R.A. No. 9194.Rule 17.2. Money Laundering PreventionPrograms. –Rule 17.2.a. Covered institutions shallformulate their respective moneylaundering prevention programs inaccordance with Section 9 and otherpertinent provisions of the AMLA and theseRules, including, but not limited to,information dissemination on moneylaundering activities and their prevention,detection and reporting, and the trainingof responsible officers and personnel ofcovered institutions, subject to suchguidelines as may be prescribed by theirrespective supervising authority. Everycovered institution shall submit its ownmoney laundering program to thesupervising authority concerned within thenon-extendible period that the supervisingauthority has imposed in the exercise ofits regulatory powers under its own charter.Rule 17.2.b. Every money launderingprogram shall establish detailed proceduresimplementing a comprehensive, institutionwide“know-your-client” policy, set-up aneffective dissemination of information onmoney laundering activities and theirprevention, detection and reporting, adoptinternal policies, procedures and controls,designate compliance officers atmanagement level, institute adequatescreening and recruitment procedures, andset-up an audit function to test the system.Rule 17.2.c. Covered institutions shall adopt,as part of their money laundering programs,a system of flagging and monitoringtransactions that qualify as suspicioustransactions, regardless of amount or coveredQ RegulationsAppendix Q-25 - Page 24Manual of Regulations for Non-Bank Financial Institutions