OBLIGATIONS OF COVERED INSTITUTIONS

1. Customer Identification- covered institutions shall establish and record the true identity of
their clients based on official documents.
a. Face-to-Face Contact- covered persons shall conduct face-to-face contact at the
commencement of the relationship, or as reasonably practicable so as not to interrupt
the normal conduct of business.
b. Minimum Customer Information and Identification Documents
i. Name of customer
ii. Date and place of birth
iii. Name of Beneficial owner, if applicable
iv. Name of the beneficiary (in case of insurance contracts or remittance
transactions)
v. Present address
vi. Permanent addresses
vii. Contact number or information
viii. Nationality
ix. Specimen signatures or biometrics of customer
x. Nature of work and name of employer or nature of self-employment, business
if applicable
xi. Sources of funds or property
xii. Tax Identification Number (TIN), Social Security System (SSS) number or
Government Service Insurance System (GSIS) number, if applicable

Prohibited Accounts:

a. Anonymous Accounts and Accounts under fictitious names- covered persons shall
maintain customers’ accounts only in the true and full name of the account owner or
holder. Anonymous accounts, accounts under fictitious names, and all other accounts
shall be absolutely prohibited.
b. Number Accounts- numbered accounts, except non-checking numbered accounts, shall
not be allowed. Covered and suspicious transaction reports involving non-checking
numbered accounts shall contain the true name of the account holder.
2. Record keeping- all records of all transactions of covered institutions shall be maintained
and safely stored for 5 years from the date of transactions.
3. Safe Harbor- no administrative, criminal, or civil proceedings, shall be against any person
for having made a transaction report in the regular performance of his duties and in good
faith, whether or not such results in any criminal prosecution under Philippine laws.
4. REPORTORIAL REQUIREMENTS:
a. Covered Transactions- covered institutions shall report to the AMLC all covered
transactions within 5 working days from occurrence thereof, unless the AMLC
prescribes a longer period not exceeding 15 working days. Conviction of the unlawful
activity is not necessary before a report is made.