Free MORB Part IX AML/CFT Data Sample: 20 Cited Obligations

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Twenty real Part IX obligations from the Manual of Regulations for Banks, in all three formats. Every field of the full product, so you can judge the depth, the citations, and the parsing for yourself.

20 real Part IX obligations across §§903-941

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BSP.MORB.2023.Sec911.a(1).p11.OBL1

p.11

§911 · Risk ManagementSHALLhigh priority

Source TextVerbatim · Mandatory

It shall conduct periodic compliance checking which covers, among others, evaluation of existing processes, policies and procedures including ongoing monitoring of performance by staff and officers involved in ML and TF prevention, reporting channels, effectiveness of the electronic money laundering transaction monitoring system and record retention system through sample testing and review of audit or examination reports.

In Plain Language

The compliance office must run periodic (non-exhaustive) compliance checks using sample testing and review of audit/examination reports, covering processes/policies/procedures, ongoing staff performance monitoring, reporting channels, and the effectiveness of the ML transaction-monitoring and record-retention systems.

In the Documentp.11

The clauses around this duty, as written in the source

(a)

Compliance office. Management of the implementation of the covered person’s Money Laundering and Terrorist Financing Prevention Program (MTPP) shall be a primary task of the compliance office. To ensure the independence of the office, it shall have a direct reporting line to the board of directors or any board-level or approved committee on all matters related to AML and CTF compliance and their risk management. It shall be principally responsible for the following functions among other functions that may be delegated by senior management and the board, to wit:

(1)

Ensure compliance by all responsible officers and employees with this Part, the AMLA, as amended, the RIRR and its own MTPP. It shall conduct periodic compliance checking which covers, among others, evaluation of existing processes, policies and procedures including ongoing monitoring of performance by staff and officers involved in ML and TF prevention, reporting channels, effectiveness of the electronic money laundering transaction monitoring system and record retention system through sample testing and review of audit or examination reports. It shall also report compliance findings to the board or any board-level committee;

(2)

Ensure that infractions, discovered either by internally initiated audits, or by special or regular examination conducted by the Bangko Sentral, or other applicable regulators, are immediately corrected;

Parsed Duty

Actorthe compliance office

Actionconduct periodic compliance checking

Objectprocesses, policies, procedures, monitoring systems and record retention

MORB, Sec. 911.a(1), p. 11 (2023 ed.)

Consequence. None stated in this provision; the BSP general enforcement framework applies (MORB Sec. 002; monetary penalties per Sec. 004 / Appendix 24).

BSP.MORB.2023.Sec923.a-(2)(6).p32.OBL1

p.32

§923 · Additional Preventive MeasuresSHALLhigh priority

Source TextVerbatim · Mandatory

Shall only include the account number or a unique transaction reference number, where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and appropriate authorities by other effective means: Provided, That this number or identifier will permit the transaction to be traced back to the originator or the beneficiary.

In Plain Language

When domestic wire transfer information is instead supplied by other effective means, limit what accompanies the transfer to an account number or unique transaction reference number, and ensure that number permits tracing back to the originator or beneficiary.

In the Documentp.32

The clauses around this duty, as written in the source

(5)

Shall ensure that, for domestic wire transfers, the information accompanying the wire transfer includes originator information as indicated for cross-border wire transfers, unless this information can be made available to the beneficiary financial institution and relevant authorities by other effective means;

(6)

Shall only include the account number or a unique transaction reference number, where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and appropriate authorities by other effective means: Provided, That this number or identifier will permit the transaction to be traced back to the originator or the beneficiary. The information shall be made available within three (3) working days from receipt of the request either from the beneficiary financial institution or from appropriate authorities;

(7)

Shall maintain all originator and beneficiary information collected, in accordance with Sec. 924; and

Parsed Duty

Actorthe originating financial institution

ActionInclude only a traceable account number or unique transaction reference number

Objectthe account number or unique transaction reference number accompanying the domestic wire transfer

MORB, Sec. 923.a-(2)(6), p. 32 (2023 ed.)

Consequence. None stated in this provision; the BSP general enforcement framework applies (MORB Sec. 002; monetary penalties per Sec. 004 / Appendix 24).

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