BSP CIRCULAR NO. 259, September 29, 2000
ANTI-MONEY LAUNDERING RULES AND REGULATIONS FOR BANKS
2000, additional anti-money laundering rules and regulations for banks
are hereby issued as follows:
SECTION 1. Issuance of Cashier’s, Manager’s or
Certified Checks. — Banks shall not issue cashiers, manager’s or
certified checks or other similar instruments payable to cash, bearer,
fictitious payee or numbered account.When the person purchasing the above-mentioned instruments is not a
regular bank-client, the issuing bank shall require the purchaser to
present his/her proof of residence together with his/her driver’s
license, passport, employment I.D. or other photo identification card. A
register for cashier’s, manager’s or certified checks issued shall be
maintained by the bank.SECTION 2. Sanction. — Any violations of the provision of this Circular shall be subject to a fine of P30,000 per transaction.
This Circular shall take effect immediately.
Adopted: 29 Sept. 2000
(SGD.) ARMANDO L. SURATOS
Officer-in-Charge