(NAR) VOL. 25 NO. 4 / OCTOBER - DECEMBER 2014
Pursuant to Section X806 of the Manual of Regulation for Banks (MORB), all banks are reminded to protect the safety, soundness and integrity of the Philippine financial system by observing prudent customer identification process. All banks shall maintain a system of verifying the true identity of their customers and, in case of corporate and juridical entities, require a system of verifying their legal existence and organizational structure as well as the authority and identification of all persons purporting to act on their behalf. As part of the minimum procedures under Subsection X806.1 of the MORB, all banks must ensure that:
Associations, organizations, societies, groups or body of persons that are not duly registered with the Securities and Exchange Commission shall comply with the rules applicable to individual customers as mentioned in item no. 1.
For information and guidance.
(SGD) NESTOR A. ESPENILLA, JR.
Deputy Governor