Guidelines on Activities Requiring Notification

BANoKo SerurnaI. No PILIPINAs OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR MEMORANDUM NO. M.2017. O15 To ALL NON.BANK REMITTANCE AND TRANSFER coMPANIEs (RTCs} and MONEY CHANGERS (MCs)/FORE!GN EXCHANGE DEALERS (FxDs) Subject GUIDETINES ON ACTIVITIES REQUIRING NOTIFICATTON Pursuant to Monetary Board Resolution No.38 dated 05 January 2O!7, approving the amendments in Section 45l1N and Appendix N-8 of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) with the issuance of BSp Circular No. 942 dated 20 January 20L7, the following guidelines shall govern the implementation of the pertinent provisions of the MORNBFI on the activities requiring notification with the Bangko Sentral ng Pilipinas (BSP). l. GeneralGuidelines A. Authorized Signatory The BSP-registered RTC/MC/FXD, collectively known as Money Service Business (MSB) operators, shall be responsible in notifying the Integrated Supervision Department | (lSD l), BSP on the following activities within the prescribed deadline of submission: 1. Commencement of Operations 2. Establishment of New Branches and/or Newly-accredited Remittance Sub-agents 3. Additional/Terminated Remittance Tie-up partners 4. Transfer of Location of Office/Remittance Sub-agent 5. Additional Business Activity 6. Closure of Branch/Remittance Sub-agent 7. Closure of Business The notification form shall be signed by the proprietor/managing partner/president or officer of equivalent rank and shall be accompanied by the necessary documentary requirements. The entity shall ensure its completeness, reliability and conformity with the BSP-prescribed forms. No notification shall be accepted from a person or entity other than the proprietor/partner/president unless the person or entity notifying the BSP in behalf of the proprietor/partnership/corporation submits a duly executed and notarized special power of attorney authorizing the person or entity. ln the case of a corporate applicant, a certified true copy of the board resolution authorizing the person or entity shall likewise be submitted. A'Mobini Sl',Molote l004Mqnilo,Philippines . (6321 708-7701 . www.bsp.gov.ph o [email protected]

B. BSP-prescribedForms All notifications shall be submitted using the following Data Entry Template/Forms, otherwise, it shall not be accepted. Notification Form Description Form 4M Establishment of New Branches and/or Newly-accredited Rem itta nce Sub-agents Form 5M Additional/Terminated Remittance Tie-up Partners Form 6M Transfer of Location of Office/Remittance Sub-agent Form 7M Additional Business Activity Form 8M Closure of Branch/Remittance Sub-agent Form 9M Closure of Business C. Formal Receipt of Notification The notifications shall be considered as formally received upon receipt of complete documents and the applicable fees have been paid. Payment of fees may be made through the following: a. Cash Department located at Ground Floor Multi-Storey Building, BSp Complex, A. Mabini Street, Malate, Manila upon generation of Order of payment at the ISD I Registration Counter or at any BSP Regional Offices/Branches as the case maybe. b. In the form of Manager's Check (MC) or Postal Money Order (pMO) payable to the Bangko Sentral ng Pilipinas sent through registered mail or courier. The complete documents including proof of payment of applicable fees may be submitted either through: a' Personal filing at ISD I Registration Counter, Ground Floor Multi-Storey Building, BSP Complex, A. Mabinistreet, Malate, Manila; or b. Postal/Courier services addressed to: The Director Integrated Supervision Department I Bangko Sentral ng Pilipinas 14th Floor, Multi-Storey Building BSP Complex, A. MabiniStreet 1004 Malate, Manila

ll. Notification Guidelines The entity shall submit the applicable notification form together with the documentary requirements within the prescribed deadline. Otherwise, the entity shall be subject to applicable enforcement actions. A. Commencement of Operations A BSP-registered MSB shall commence operations within three (3) months from the date of issuance of the Certificate of Registration (COR). The MSB shall notify ISD l, BSP in writing of the start of operations within five (5) business days from the actual start of operations. B. Establishment of New Branches and/or Newly Accredited Remittance Sub-agents MSB shall notify ISD l, BSP regarding each and every branch it operates or newly accredited remittance sub-agent/s (RSAs), within five (5) business days from the start of each office's operations or from contract signing with RSA, as applicable. In accrediting RSAs, RTC shall ensure that it conducts appropriate due diligence and shall provide effective continuing oversight of its RSAS. Further, RTC shall ensure that an RSA with at least two (2) offices is registered as Remittance Agent (RA) and has secured the corresponding BSP COR. A non-refundable supplemental registration fee of P1,000 per activity per office included in the notification shall be collected from the head office. Notification procedu re: 1. The notification shall be submitted using the Data Entry Template (DET) prescribed form. In using the DET, the following shall be observed: a. Download the prescribed DET and User's Guide or request directly from BSP-ISD I thru email address [email protected]. b. Accomplish the prescribed DET and save the file using the prescribed format as follows: <Notification Form Number>DET - <Entity Name> (example: 4MDET - ABC Money Changer and Remittance Business) c. The duly accomplished DET shall be submitted through e-mail address [email protected] using the prescribed format for the subject as follows: <Notification Form Number> - <Mode of Submission*>, <Province, City/Municipality** of Head Office>, <Entity Name> as illustrated below:

lllustrotion To: lSDlLicensins@ bsp.gov.ph Subject: Form 4M - Mail, Cebu, Cebu City, ABC Money Changer and Remittance Business * Mode of submission of documents, if through Personal filing (Personal) or postal/Courier services (Mail) ** The city/municipality in the subject refers to the location of the head office. The e-mail address to be used by the entity should belong to an authorized responsible officer. lt shall be considered as the official e-mail address registered with BSP which shall be used for official communications. d. Print the corresponding DET generated notification Form 4M. Said Form 4M shall be signed by the authorized signatory and be submitted together with the documentary requirements listed in Annex A. The applicant shall submit both the soft and hard/printed copy. 2' The BSP shall issue the corresponding Registration Number for each additional RTC/MC/FXD office. C. AdditionaUTerminated Remittance Tie-up partners RTC shall notify ISD l, BSP within five (5) business days from the date of addition and/or termination of remittance tie-up partner/s using the BSp-prescribed Form 5M and shall be accompanied by the following documentary requirements, as applicable: a. Notarized tie-up agreement/s which shall be consutarized if originated/signed abroad; and b. Proof that the RTC or counterparty is authorized to engage in the remittance business and is subject to the anti-money laundering laws of the country where it operates. Transfer of location of Office/Remittance Sub-agent A notice of transfer using the BSP-prescribed Form 6M shall be submitted by the MSB within five (5) business days after the effectivity of such transfer together with the following documentary requirements: a. Certified true copy (by the Head of Business Permit and Licensing Office or equivalent position, with printed Name and Designation) of the business permit from the city/municipality having territorial jurisdiction over the place of establishment and operation of the office for the current period, which should indicate the line of business of the registered entity;

b. Original Certificate of Registration (if the transfer involved the Head Office) or an affidavit in case of loss; and c. Payment/proof of payment of applicable fees. E. Additional Business Activity RTC initially registered as Type A or B without MC/FXD operations shall notifo ISD l, BSP within five (5) business days from the date of addition of said business activity. RTC shall submit the notification using the BSP-prescribed Form 7M and shall be accompanied by the following documentary requirements: a. Certified true copy (by the Head of Business Permit and Licensing Office or equivalent position, with printed Name and Designation) of the business permit from the city/municipality having territorial jurisdiction over the place of establishment and operation of the office for the current period, which should indicate the line of business of the registered entity; and b. Payment/proof of payment of applicable fees. The same notification requirement shall apply to Pawnshop Operator with Type B and C License who subsequently wishes to offer corollary business activities. F. Closure of Branch/Remittance Sub-agent A notice of closure using the BSP-prescribed Form 8M shall be submitted by the MSB within five (5) business days after the effectivity of such closure. 6. Closure of Business MSB shall notify ISD l, BSP using the BSP-prescribed Form 9M for the closure of business within five (5) business days from the actual date of closure together with the following documentary requirements: a. Certification by the owner or partnership/resolution, as the case maybe, authorizing/attesting the closure of RTC/MC/FXD; and b. Original copy of Bangko Sentral COR issued to RTC/MC/FXD. For guidance and compliance. f hJ-. €---l.^f . ftesron tf. A. EsPfNrru., Deputy Governor 3f March 2017

Submission Deadline: Form 4M 5 business days from the (DET generated form) start of office operation or Page 1 of 1 from contract signing with RSA (FUrr CoMPANY NAME) NOTIFICATION OF NEW BRANCH ES/NEWLY ACCREDITED REMITTANCE SU B-AGENTS (To be completely filled up. Indicate 'NA" if an item is not applicable) Thru: The Office of the Director Date: Integrated Supervision Department I BSP ofthe follou,intl Date of Actual Start Branch Manager/ Date of AMLA Control s Branch/RSA Complete Business Address of Operations Officer-in-Charge Seminar . NOTIFICATION OF NEW BRANCHES I. NOTIFICATION OF NEWLY ACCREDITED REMITTANCE SUB.AGENTS -NOTHING FOLLOWS----- In support her€of,l/we submitthe documentary requlrements list€d in AnnerA. |h€r€bycertifyunderthepena|tiesofperjUrthattheabove]istedbranche5/new indicated. (Signature over Printed Name of Proprietor/ Managing Partner/President/Authorized Officerl/) Designation €nnry $all likewi* b. $bn|ned.

ANNEX A Establishment of New Branches and/or Newly Accredited Remittance Sub-Agents Company Name: Date: E-mailAddress: Contact Nos: Documents to be submitted (fastened in a folder) Remarks (Mgo dokumentong dopat ipasa na nakapoloob sa fotder) 1. Dufy certified Form 4M lDoto En try Template (DET) generated form]. 2. system generated acknowledgement e-mail from [email protected]. 3. Proof of attendance, or a sworn undertaking to attend, of the persor,r,et Aireafy involved in RTC/MC/FXD operations to the required Anti-Money Laundering Act seminar conducted by the AMLC, Bangko Sentral, or Bangko Sentral - accredited person, or for persons registered prior to the effectivity of Circular No. 942, a certification of compliance executed by the President and Compliance Officer, detailed as follows: Name Position oate(sl Attended (continue in o seporate sheet if necessory) 4. Certified true copy (by the Head of Business Permit and Licensing Office or equi\ralent position, with printed Name and Designation) of the business permit from the city/municipality having territorial jurisdiction over the place of establishment and operation of the office for the current period, which should indicate the line of business of the entity. 5. Payment/Proof of payment of applicable fees. INCOMPTETE DOCUMENTS WItt NOT BE ACCEPTED (HINDI TATANGGAPIN ANG MGA DOKUMENTONG KULANG) NOTE(S) (to be filled-up by BSp personnet onty): 1. 2. 3. 4. 5. Submitted by: ! Received by: ! Returned by: (Signature over printed name) (Signature over printed name) Date : Date :

s b{Cna d.yslrom rh. d.t ol.ddidd .ndlor tsmt.ldo. or r.-uD prrho lDEr !'nard fotml (FUrr coMPAr{Y r{AME) NOTIFICATION OF ADDITIONAT AND/OR TERMINATED REMITTANCE TIE.UP PARTNER/S (To be completely filled up. Indicate "NA" if an item is not applicable) Thru: The Office ofthe Director Date: Integrated Supervision Department I BSP Reglstradon Numbel Control, Full Company Name Complete Susiness Address Oomldle Contact Person Desltnadon (ifapplicable) Contact Numbel Date Startedfi e.mlnated I. NOTIFICANON OFADDITIONAT R€MTTTANCE TIE-UP PARTNER/S I. NOTIFICATION OF TERMINATEO RCMITTANCE TIE-UP PARTNER/S ----------NOTH|NG FOLLOWS- In support hereof, l/we submit the following documentary requirements, as applicable: a. Notarized tie-up agreement/s which shall be consularized if originated/signed abroad b. ProofthattheRTCorcounterpartyisauthorizedtoengageintheremittancebusinessandissubjecttotheanti-moneylaunderinglawsofthecountrywhereitoperates Partner/PresidenVAuthorized Officerr/) D6lln.{on deq '6ir4 | FM'vdhy b d i bijf or$. F.tu/Fnddr!r'.4nrb. ri rE 4, d,6Fd.p!rbi!

Submission Deadline: 5 business days after the Form 5M (DET generated form) effectivity of transfer (FULL OOMPAT{Y MME) r{oTtFtcaflol oF TiAI{5FER OF t (XADON Or OFFTCE/iEMITTA|{C€ SU8-A6Em (To be comptet€tyfiled up.Indicat.,,|l|A. ifan |rem is norapptic:bte) rhru: The offtceofrhe Dir.ctor D'te: Intq.ated Sup€rvtston Dep.rtm.ntl P0rsuantto5€cuon451lNoftheManua|ofRe&|adon5fo.Non.8anlFinanc|a|h5titdions-N(MoRN8fFN)Regu|a I. NOTIFICATION OF TRANSFER OF TOCATION OF OFFICE I{OTIFICAT]ON OF TRANSFER OF TOCATION OF REMITTANCE SUB.AGEI{T h support h.r.of, tl{e submh the fottowing documentary r.qun€ments, as appticabte: a.cenill.dtrecopy{bytheH€adofBUshessPemitandLiGns|ntofnceor€!uiva|entpG|tion|wlthprintedNameandDe5|$auon)ofth!busine$Pe|tfrm$€c|r/mUn tefitoda|jusdict|onoErth.p|aceof€5tab|ishm€ntandoper.tionoftheoffIc€forth€curentP€dod,t'tich5ho0ldindic.t.the|ineofbus|n€s5jttreregrsteroenu b. Oigin.l Cenific.te of R€gisvaflon (if the tnnsfer invotv€d the Head Office) or an affidavit In caseof toss c. Paymenvpmdf of payment of appti@bt€ f€es I heebY certifv under the Plnaltiet of perlury that the requircm.nts p.escrtbcd under secion 4suN of MoRNBF|-N Regut.flonr ar.m€nd€d, hav€ been comoti€d wlth. {Signature over Printed Name of Proprietor/Managing Pa rtner/PresidenVAuthorized Offi cerl/) Desigmtlon ' supporEd *ith not dr.d !p.d.t p.E

submission Deadllne Form 7M 5 business days from the date of addition (DETg.n.rated forml of businers acrivity page 1ot 1 (FUrr CoMPANY NAME) NOTIFICATION OF ADDITIONAT BUSINESS ACTIVITY (To be completely filled up. Indicate 'NA" if an item is not applicable) Thru: The Office of the Director Integrated Supervision Department I Date: PuEUant to Se$lon 4511N of th€ Manualof Reguletions for Non-Bank Financial Instltutions - N (MORNBfI-NI Retulations, as amended by Ckcular No.942 det€d 20January 2017, I h€reby notify the BSP ofthefollowlnSl Control I Office* Retistration Number Complete Susiness Address Business Activity Date of Actual Start of Operations ' Shall refer to Head Office and Branches FOLTOWF_-_ In support her€of, l/we submit the follos/ing docum€ntary requkem€nts: --_--_NOTH[{G a. Odginal C€rtificat€ of R€tistration lfor the Head Otflce) or an affidavit in cas€ of loss b.certif|edtruecopy(bytheH€adofBUsin€ssPermitanducensingofflceorequiva|€ntposhion,withprintedNameands|gnat|on)dt territorial jurisdidion over the place of establishrn€nt and operation of the office for the current p€dod, indicating th€ lin€ of business of the regtstered enttty c. Paymenvproof of Fyment of applicabl€ f€es |herebYcertifyund€rthepena|tiesofp€rjUrthattheabove-||stedofficey5,togetherwithth€co.fespond|ngre|ev'ntinformation,aretru€andcor.easdthedde|nd|cded' (Signature over Printed Name of Proprietor/Managing Pa rtner/President/Authorized Off icerl/) Designation v s{ppon d w(h notadz.d sped .r'ltly sh.ll lrkdi* b. submltt€d.

Submission Deadline: Form 8M 5 business days after the (DET generated form) effectivity of closure ('UUCOMPANY NAMEI (mFtcaltoN oF crosunE of ERAt{cH/REMr[Atc SUT.AGEiIT (To b€ comptetetyfi ed up. Indicate 'NA,' if.n it€m is not appticabtel Thru: The Offlce of the Director oate: IntqEted Supervision Oepartment I PursUanttosection4511Nofth€ManUatofRe$|ation5forNon-8antFinancia||nst|tution5-N(MoRN8FF)Regu|ations,asamended,|herebynotifYthe85Pofthefoowing: Complete Business Address NOTIFICATION OF CLOSURE OF BRANCH NOTIFICATIOfT OF CTOSURE OF REMITTANCE SUB.AGENT I hereby certify under the penalties of perjury that the requirements prescribed under section 4511N of MoRNBFI-N Regulations, as amended, have been complied with. Pa rtner/President/Autho rized Off icerl/) Designatton sh.ll lllak. b. submltt d.

Submission Deadline: Form 9M 5 business days from the (DET generated form) actual date of closure NOTIFICATION OF CTOSURE OF BUSINESS Page 1 of 1 (To be completely filled up. Indicate "NA" if an item is not applicable) Thru: The Office of the Direcror Date: Integrated Supervision Department I Pu6uantto5€ction4511Nofth.Manu.|ofR.8U|ation'forNon-BankFinanclal|nstituuons-N(MoRN8F|-N)R.!U|ation'asamend€d,|h€hs Control S Full Company Name Complete Business Address Date of Registration Number MSB Activity Closure --------NOTH|NG FOLLOWS-- In support hereof, l/we submit the documentary requirements as follows: a. Certification by the owner or partnership/resolution, as the case maybe, authorizing/attesting the closure of RTC/MC/FXD b. Original copy of Bangko Sentral COR issued to RTC/MC/FXD or an affidavit in case of loss I hereby certify and/or undertake the following: a. To preserve the books of accounts, reports, records and documents for at least five (5) years from date of last entry; b. To be held liable for present and/or future claims arising from Money Service Business (MSB) operations; and c. To ensure proper disposal of all unused accountable forms to prevent unauthorized use. (Signature over Printed Name of Proprietor/Managing Pa rtner/President) Designation SUBSCRIBED AND SWORN to before me this day of 20 , in the City/Municipality of by: Name -_ Any government issued lD Expirv Date NOTARY PUBLIC Doc. No. Page No. Book No. Series of 20