FOUR (4) MAJOR REQUIREMENTS FOR COMPLIANCE OF AMLA BY THE BRANCH

UNDER BSP CIRCULAR 706=UPDATED ANTI-MONEY LAUNDERING RULES AND

REGULATIONS.
1.

Customer identification process including acceptance policies and on-going

monitoring processes.

2.

Record keeping and retention (5 yrs). The SS and the BA will be jointly
responsible and accountable in the safekeeping of all records and
documents required to be retained by AMLA. They shall have the obligation
to make these documents and records readily available without delay during
BSP and IAD regular/special examinations.

3.

Covered transaction reporting and suspicious transaction reporting.

4. Effective and continuous anti-money laundering training program.

In addition to the above, an adequate screening and recruitment process to
ensure that only qualified personnel who have no criminal record/s are employed
to assume sensitive banking functions. KNOW YOUR EMPLOPYEES (K Y
E).