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(NAR) VOL. 19 NO. 1 / JANUARY - MARCH 2008
[ BSP CIRCULAR NO. 598, S. OF 2008, January 11, 2008 ]
COMPLIANCE OFFICER
Pursuant to Monetary Board Resolution No. 8 dated 03 January 2008, the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial institutions (MORNBFI) are hereby amended, as follows:
Section 1. Items "d." and "e." of Subsec X170.2 of the MORB on Compliance Officer are hereby amended to read, as follows:
Transitory Provision. Compliance officers concurrently holding the position of Head of internal Audit or Internal Auditor shall be given one (1) year from date of effectivity of this Circular within which to comply with the aforementioned regulation."
Section 2. Item "d." of Subsec. 4191Q.2 of the MORNBFI on Compliance Officer is hereby amended and Item "e." is hereby added to read, as follows:
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
Adopted: 11 Jan. 2008
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor
Section 1. Items "d." and "e." of Subsec X170.2 of the MORB on Compliance Officer are hereby amended to read, as follows:
X X XThe internal auditor of a bank may also be designated as its compliance office subject to the condition that his MAIN FUNCTION SHALL be THAT OF A compliance officer.
"d. ALL UBs/KBs, AS WELL AS TBs AND RBs/COOP BANKS WITH TOTAL RESOURCES OF P500 MILLION AND ABOVE, SHALL APPOINT an independent full-time compliance officer, who shall have the rank of at least a Vice President OR ITS EQUIVALENT.
e. FOR TBs AND RBs/COOP BANKS WITH TOTAL RESOURCES OF BELOW P500 MILLION, an incumbent senior officer may be designated concurrently as the bank's compliance officer: Provided, That such designation will not give rise to any conflict of interest situation AND THAT THE MAIN FUNCTION OF THE SENIOR OFFICER SHALL BE THAT OF A COMPLIANCE OFFICER.
Transitory Provision. Compliance officers concurrently holding the position of Head of internal Audit or Internal Auditor shall be given one (1) year from date of effectivity of this Circular within which to comply with the aforementioned regulation."
Section 2. Item "d." of Subsec. 4191Q.2 of the MORNBFI on Compliance Officer is hereby amended and Item "e." is hereby added to read, as follows:
x x xTransitory Provision. Compliance officers concurrently holding the position of Head of Internal Audit or Internal Auditor shall be given one (1) year from date of effectivity of this Circular within which to comply with the aforementioned regulation."
"d. ALL QUASI-BANKS WITH TOTAL RESOURCES OF P500 MILLION AND ABOVE SHALL APPOINT an independent full-time compliance officer, who shall have a rank of at least a Vice President OR ITS EQUIVALENT.
e. FOR QUASI-BANKS WITH TOTAL RESOURCES OF BELOW P500 MILLION, AN INCUMBENT SENIOR OFFICER MAYBE DESIGNATED CONCURRENTLY AS THE BANK'S COMPLIANCE OFFICER PROVIDED, THAT SUCH DESIGNATION WILL NOT GIVE RISE TO ANY CONFLICT OF INTEREST SITUATION AND THAT THE MAIN FUNCTION OF THE SENIOR OFFICER SHALL BE THAT OF A COMPLIANCE OFFICER.
THE INTERNAL AUDITOR OF AQUASI-BANK MAY ALSO BE DESIGNATED AS ITS COMPLIANCE OFFICER SUBJECT TO THE CONDITION THAT HIS MAIN FUNCTION SHALL BE THAT OF A COMPLIANCE OFFICER.
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
Adopted: 11 Jan. 2008
(SGD.) AMANDO M. TETANGCO, JR.
Governor