Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec921.f(1).p23.OBL1
Manual of Regulations for Banks > 921 CUSTOMER DUE DILIGENCE > Third party reliance > (1)
Obligation Summary
Where the third party is a covered person specifically defined by this Part and as generally defined by AMLA, as amended, and its RIRR — The covered person shall obtain from the third party a written sworn certification containing the following:
MORB, Sec. 921.f(1), p. 23 (2023 ed.) · Manual of Regulations for Banks · p. 23
f. Third party reliance. A covered person may rely on third parties to perform the CDD procedures under Item “(a) 1 to 3” of Sec. 921 (Customer due diligence) subject to the following rules:
(1) Where the third party is a covered person specifically defined by this Part and as generally defined by AMLA, as amended, and its RIRR — The covered person shall obtain from the third party a written sworn certification containing the following:
(a) The third party has conducted the prescribed customer identification procedures in accordance with this Part and its own MTPP, including the face-to-face contact requirement, to establish the existence of the ultimate customer and has in its custody all the minimum information and/or documents required to be obtained from the customer; and
ProfytAI Regulatory Intelligence
Type: requirementRequires a covered person, when the third party it relies on for customer due diligence is itself a covered person under the AMLA, to obtain from that third party a written sworn certification containing specified content.
Relationship
Sets the Third Party Reliance duty that applies when the third party is itself an AMLA covered person. A separate item covers foreign financial institutions. The two items that follow must both be met and set out exactly what the required certification must contain.
Why This Exists
It creates a documented, sworn attestation trail whenever a bank relies on another covered person for customer due diligence, so the bank and its supervisors can verify that identification procedures were actually performed and that reliance is not being used to bypass due diligence obligations.
Implementation Considerations
A bank entering a third-party reliance arrangement for customer due diligence should first confirm the third party meets the covered person definition, then obtain and retain a written sworn certification addressing both required content points before relying on that third party's work.
Interpretation Note · "RIRR" refers to the AMLA's Revised Implementing Rules and Regulations, which this paragraph cites but does not define. The opening "Where..." clause limits this duty to third parties that meet the covered person definition. A separate item covers foreign financial institutions that are not covered persons. "The following" points ahead to the two content items, and both must be satisfied.
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Reproduced from the Bangko Sentral ng Pilipinas Manual of Regulations for Banks, retrieved from bsp.gov.ph. Highlighting and the verification stamp were added by ProfytAI. The underlying text is unaltered. This document is freely available from the BSP website.