Amendments to the AMLC Registration and Reporting Guidelines (ARRG)

February 21, 2018 AMLC REGULATORY ISSUANCE (A) NO. 01-18 SUBJECT : Amendments to the AMLC Registration and Reporting Guidelines (ARRG) By the authority vested in me by the Anti-Money Laundering Council (AMLC), pursuant to AMLC Resolution No. 107, Series of 2017, to approve revisions and/or amendments to the ARRG, except those that involve policies, the following amendments in Part 4 (Reporting Procedures) and Annexes of the ARRG are hereby issued: SECTION 1. Revision in the Definition of Terms and Data Elements . The following definition of terms and data elements under Part 4, Chapters 1 (Data Elements) and 3 (Guidelines for Format 1.0), respectively, of the ARRG shall be amended, as follows: A. Chapter 1 a. Party Type A (BSP/SEC) Party Type A Account Holder shall be renamed to Party Type A Account Holder/ Customer b. Party Type O (IC) Party Type O Policy Owner shall be renamed to Party Type O Policy Owner/ Customer B. Chapter 3 a. Renaming of Insurance Transaction Data Field (D7) To include Amount of Capital Infusion D7 is now described as Premium/Excess/Advance Premium/Advance Payment/Top-ups/ Amount of Capital Infusion SECTION 2. Changes/Modification in the Procedure of Transferring Files . The following changes/modifications in the procedure of transferring files under Part 4, Chapter 2 (Transaction Security Process and Transferring of Files) of the ARRG shall be amended, as follows: A. Item 2.3 (Uploading of KYC Documents for Suspicious Transaction Reports) . The KYC Documents Upload Facility shall be amended, as follows: 1. The number of buttons shall be increased from two (2) to three (3): "Add/New (No. STRs filed)," "Add/New (Existing STRs)," and "Update." KYC Documents Menu 2. Once the "Update" button is clicked, covered persons will be prompted to enter the Customer Reference Number, in order to update previously filed KYC Documents. KYC Documents Upload Facility 3. The optional "Digital Picture/Photo" upload was moved to the last item. KYC Docs Upload B. Item 2.6 Uploading of Electronic Returns (E-Return) for Freeze Order . The Electronic Returns Upload Facility shall be amended, as follows: Covered persons should choose between "CA-GR AMLC Case" and "AMLC Resolution" before entering details of the Case Number or AMLC Resolution and uploading the corresponding E-Return. Electronic Returns Upload Facility SECTION 3. Additional Guidelines for CT/ST Reporting . Part 4, Chapter 3 (General Guidelines), Section II (Additional Guidelines to CT/ST Reporting), letter J (For the Insurance Industry) of the ARRG shall have two new paragraphs, as follows: "J. For the Insurance Industry: xxx xxx xxx xxx xxx xxx For initial payment wherein the policy owner have not been issued an Insurance Policy, any receipt of Payment in excess of Php500,000.00 should be reported using the transaction code NREC (Receipt of Initial Payment for Insurance Policy). Once the policy owner has been issued an insurance policy, a CTR should again be filed using the transaction code pertaining to Purchase of Insurance, wherein transaction date is the date of issuance of the Insurance Policy." SECTION 4. Revision of Data Elements . The following revision to the data elements under Part 4, Chapter 1 (Data Elements) of the ARRG shall be amended, as follows: A. The time of transaction will be included in the CTR/STR format as shown below: FIELD NAME TYPE LENGTH FORMAT VALUE/REMARKS Transaction Date and Time Text 17 X(17) YYYMMDDHHMMSS e.g. , 20180108131033 B. The addition of time in the transaction date field is mandatory for the following transactions: CASA, Time Deposit, Foreign Exchange and Remittance with prefixes C, D, F, and R, respectively. For all other transaction codes, the time of transaction shall be optional. SECTION 5. Inclusion of Transaction Codes, and Their Definition and Mandatory Fields . The Annexes of the ARRG shall have new sections, as follows: A. Annex B Additional Transaction Codes REVISED CODE TRANSACTION TITLE TRANSACTION DEFINITION BSP/SEC DTDPW Time Deposit Placement Wire Placement of time deposit/special deposit/premium deposit/long term deposits, etc. (other than savings/current) through wire TCAPC Capital Infusion Cash Infusion of funds by a shareholder of the reporting Covered Person via cash TCAPM Capital Infusion MC/CC/OC/On-Us Check Infusion of funds by a shareholder of the reporting covered person via check TCAPD Capital Infusion Debit Infusion of funds by a shareholder of the reporting covered person via debit to account TCAPW Capital Infusion Wire Infusion of funds by a shareholder of the reporting covered person via wire IC NCAPC Capital Infusion Cash Infusion of funds by a shareholder of the reporting covered person via cash NCAPM Capital Infusion MC/CC/OC Infusion of funds by a shareholder of the reporting covered person via check NCAPD Capital Infusion Debit Infusion of funds by a shareholder of the reporting covered person via debit to account NCAPW Capital Infusion Wire Infusion of funds by a shareholder of the reporting covered person via wire B. Annex C 1. Inclusion of Trust Receipt Pre-termination (ITRP) in Annex C Mandatory Fields per transaction code. The said code is already defined in Annex B (Transaction Definition). 2. Change of mandatory parties for On-us Check Deposit (COCKD). The present mandatory parties are the Account Holder (A) and Beneficiary (B); to clearly follow the flow of money for the said transaction, mandatory parties shall be changed to the Account Holder (A) and Counterparty (C), where C is the Issuer of the check. 3. Inclusion of the following mandatory fields and party for the transaction code "NADV" (Advance Premium Payment): i. Transaction Data: (D-11) Policy Effectivity Date (D-12) Maturity Date/Effectivity (D-14) Policy Amount/Face Value/Contract Value/Sum Insured (Php) (D-16) Policy/Insurance/Product Type (D-17) Terms of Insurance Policy (In Years) ii. Beneficiary Party (Beneficiary Name) 4. Mandatory Fields per Transaction Code SECTION 6. Implementation . The amendments under this AMLC Regulatory Issuance (ARI) shall be implemented thirty (30) days after its effectivity, except for the provisions of Section 4 hereof, which shall be implemented six (6) months after the effectivity of this ARI. SECTION 7. Effectivity . This ARI shall take effect fifteen (15) calendar days after its publication in a newspaper of general circulation. FOR THE AMLC: (SGD.) MEL GEORGIE B. RACELA Executive Director