(NAR) VOL. 19 NO. 1 / JANUARY - MARCH 2008
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.
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.