MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31transactions involving amounts below thethreshold to facilitate the process ofaggregating them for purposes of futurereporting of such transactions to the AMLCwhen their aggregated amounts breach thethreshold. All covered institutions, includingbanks insofar as non-deposit and nongovernmentbond investment transactionsare concerned, shall incorporate in theirmoney laundering programs the provisionsof these Rules and such other guidelines forreporting to the AMLC of all transactions thatengender the reasonable belief that a moneylaundering offense is about to be, is being,or has been committed.Rule 17.3. Training of Personnel. - Coveredinstitutions shall provide all their responsibleofficers and personnel with efficient andeffective training and continuing educationprograms to enable them to fully comply withall their obligations under the AMLA andthese Rules.Rule 17.4. Amendments. - These Rules orany portion thereof may be amended byunanimous vote of the members of theAMLC and submitted to the CongressionalOversight Committee as provided for underSection 19 of R.A. No. 9160, as amendedby R.A. No. 9194.RULE 18CONGRESSIONAL OVERSIGHTCOMMITTEERule 18.1. Composition of CongressionalOversight Committee. - There is herebycreated a Congressional Oversight Committeecomposed of seven (7) members from theSenate and seven (7) members from theHouse of Representatives. The membersfrom the Senate shall be appointed by theSenate President based on the proportionalrepresentation of the parties or coalitionstherein with at least two (2) Senatorsrepresenting the minority. The membersfrom the House of Representatives shall beappointed by the Speaker also based onproportional representation of the parties orcoalitions therein with at least two (2)members representing the minority.Rule 18.2. Powers of the CongressionalOversight Committee. - The OversightCommittee shall have the power topromulgate its own rules, to oversee theimplementation of this Act, and to reviewor revise the implementing rules issued bythe Anti-Money Laundering Council withinthirty (30) days from the promulgation ofthe said rules.RULE 19APPROPRIATIONS FOR ANDBUDGET OF THE AMLCRule 19.1. Budget. – The budget of 25Million Pesos appropriated by Congressunder the AMLA shall be used to defray theinitial operational expenses of the AMLC.Appropriations for succeeding years shallbe included in the General AppropriationsAct. The BSP shall advance the fundsnecessary to defray the capital outlay,maintenance and other operating expensesand personnel services of the AMLC subjectto reimbursement from the budget of theAMLC as appropriated under the AMLA andsubsequent appropriations.Rule 19.2. Costs and Expenses. - The budgetshall answer for indemnification for legal costsand expenses reasonably incurred for theservices of external counsel in connectionwith any civil, criminal or administrativeaction, suit or proceedings to which membersof the AMLC and the Executive Director andother members of the Secretariat may bemade a party by reason of the performanceof their functions or duties. The costs andexpenses incurred in defending theaforementioned action, suit or proceedingmay be paid by the AMLC in advance of theManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 25