Opening of anomalous deposit accounts

ng bimas

SUPERVISION ANd EXAMINAtiON SECTOr OFFICE OF tHe dePUtY gOVErNOr

CIRCULAR LETtER NO. CL-2007- 019

T : All Banks

Subject : Opening of anomalous deposit accounts

the namers of prominent government officials thr-ugh: the presentation of are used as depository accounts to collect money frcm innocent victims of financial scams. that indivicuals have been able tc cpen ancmalous deposit accounts under fake docurments. These accaunt/s in turn are used to 'end credence of an "apparent official government action" to financial scars. These accounts It has come to the attention of the Bangko Sentral ng Pilipinas (BSP)

foilowing "Know your Client? mieas ures in line with Circuiar Nc. 302 dated 1 1 October 2101. impiementing Section 9. of R A. No. 9160 (otherwise known as the Anti-Mcney Laundering Act of 2001), as amended by R.A. No. 9194: Thus, Eanks are reminded to strictly cbse've due diligence in the

1. Covered institutions shall establish and recorai the true identity of their clients based on official dacuments. They should require offic.al authority that bear their photograpn such as passports, social security, identification cards ar:d driving license; clients ta producs urexpired original aocurients issued by an

2. Covered institutions shall also maintain a system of verifying the t ue identity of their ciients as well as the authority and ireni.fication of all persons purporting to act on their behalf: and

3. Anonymous accounts, accounts Lncer fctitious names and all ccvered institutions. be allowed: Provided, That the true identity of -he customers of all peso anc foreign currency non-checking aumbered accounts are satisfactariy established based on official ard other reliable documents and records, and that the information and documents required under these rules are actained and recorded by the cther similar accounts shall be absolutely prohibited. However, peso ana foreign currency non-checking rumbered accounts shal

Pananalaping Matatag, Bansang Panatag A. Mabini St., Malate 1004 Mani:a. Ph lippines Trunkline (632) 524-70-11 UFL:www.bsp.cov.ph e-maji: [email protected]

Page 2 of 2

constitutes a vioiation of Section 9 of R.A. No. 9160, as amended and would subject the erring bank to appropriate penalties thereunder. Piease note that the non-observance of the said measures

For comoance

ESTORA #SPENILL JR

Depuy Governo

25 :0 2007