The Bangko Sentral ng Pilipinas (BSP), sustaining its effort to combat money laundering, issued a Circular Letter dated January 7, 2002 endorsing a Model Anti-Money Laundering Manual for Banks and Other Covered Institutions.
The Manual will serve as a practical guide/reference material for banks and NBFIs under BSP supervision in developing their own anti-money laundering programs and in complying with R. A. 9160, otherwise knows as the "Anti-Money Laundering Law of 2001", as well as with the various BSP rules and regulations against money laundering.
The Model Operating Manual adopted guidelines to support governments, law enforcement agencies and international bodies such as the Financial Action Task Force in their efforts to combat the use of the financial system for the laundering of the proceeds of crime.
The guideline seek to promote effective compliance with the Anti-Money Laundering Law and its implementing rules and regulations, as well as other applicable regulations without violating other relevant laws and without losing bona-fide business/clients in the process. Its provisions are designed to ensure high standards in the following areas:
- Establishing the identity of new individual customers.
- Identifying the true owners when opening new accounts for companies/corporations.
- Identifying the principal of an agent.
- Producing and retaining identification and transaction records.
- Reporting suspicious transactions to the competent authorities.
- Enhancing relationships with the authorities.
- Preventive procedures, training, pre-employment screening and internal controls.
To facilitate understanding, the Manual also contains, among other things, guidance material on the nature of money laundering, examples of suspicious transactions, note on the scope of necessary training and forms for reporting suspicious transactions.