Anti-Money Laundering Act (AMLA) Compliance
Insurance Circular Letter No. 11-10 • Other Rules and Procedures • Insurance Commission • Mar 11, 2010
Full text
March 11, 2010 INSURANCE CIRCULAR LETTER NO. 11-10 TO : All Pre-Need Companies, Sales Counselors and General Agents SUBJECT : Anti-Money Laundering Act (AMLA) Compliance Pursuant to Republic Act No. 9160 as amended by Republic Act 9194 and its Revised Implementing Rules and Regulations (RIRR), compliance with the following is hereby required: 1. Reporting of covered and suspicious transactions Rule 3.b and Rule 3.b1 2. Customers identification requirements (KYC & CDD) Rule 9.1 3. Recordkeeping requirements Rule 9.2 4. AMLA operating manual Rule 17.2 5. Training of personnel Rule 17.3 6. Designation of AMLA compliance officers Rule 17.2b 7. Examination/verification procedures on paid-up capital Please submit the name of your company compliance officer, contact number, position in the company, email address and copy of the appointment letter as compliance officer. It is understood that the Commission shall be informed of any change in the appointment of compliance officers. For strict compliance. DcIHSa (SGD.) SANTIAGO JAVIER RAADA Insurance Commission
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