Cash services - Philippines
Anti-money laundering rules and regulations
According to Bangko Sentral ng Pilipinas (BSP) Circular 706, Sections X806.2.i and X806.2.j, effective 1 June 2011, there are requirements for additional information on inward remittances. Failure to provide such information may result in delays in processing clients' inward payments.
In March 2017, the BSP released BSP Circular No. 950 which amended Part Eight of the Anti-Money Laundering regulation. The circular includes a provision that the covered institution shall conduct its separate enhanced due diligence procedure in cases where the client is assessed as high risk by the third party (Section X806.2.k on Fund/Wire transfer).
The following additional information is required from clients when using MT103 instructions:
- Name of Originator or Remitter;
- Address of Originator or Remitter or, in its absence, any of the following:
- Originator’s or Remitter’s national identity number;
- Date and place of birth of the Originator;
- Remitter Account number of the Originator or Remitter;
- A unique reference number (that is, the telegraphic transfer reference number of the remitting bank).
Clients are reminded that:
- Any remittance instruction must include, as a standard requirement, beneficiary details comprising the correct 13-digit beneficiary account number and the complete beneficiary name (no abbreviations allowed).
- Remittances via SWIFT must also include information as follows:
- In field :57: BIC of Standard Chartered Bank, Philippines Branch: SCBLPHMM
- In field :70: Purpose of Payment: Securities Transaction