BSP Circular No.

1078 dated 9 March 2020

Circular No. 1078 publishes Resolution No. 322 dated 27 February 2020 which provides for
the guidelines on correspondent banking relationships.

 Section 923 of the MORB, on Additional Preventive Measures for Specific Customers,
is hereby amended to read, as follows;

“xxx
Correspondent banking. Covered persons shall adopt policies and procedures to
prevent correspondent banking activities from being utilized for ML/TF activities and
designate an officer responsible in ensuring compliance.

Supervisory enforcement action. The Bangko Sentral may deploy enforcement

actions to promote adherence to the requirements and bring about timely corrective
actions.

Fund/wire transfer. xxx

xxx”