MORNBFI Vol. 1 - Planters Development Bank

APP. Q-3908.12.31correct the violation but is being restrainedof its capacity to take immediate actionthus, will undertake a Memorandum ofUndertaking/Commitment for a specifiedperiod as a sign of good faith. The QB hasstarted to rectify the infraction by institutingreforms in their operations or systems.• Voluntary disclosure of offense -Voluntary disclosure of the QB of theoffense committed before it is discoveredby BSP examiners in the regular/specialexamination or in the supervisory work(e.g. submission of reports to the BSPdisclosing the violation committed by theQB based on the internal auditor’s findings)may be considered as the highest level ofmitigation under this factor.The burden of proof, however, falls onthe QB/individual to support its/his/herclaim of good faith and may be used asbasis to mitigate the amount of penalty thatmay be imposed.Q RegulationsAppendix Q-39 - Page 6Manual of Regulations for Non-Bank Financial Institutions