Anti-Money Laundering Committee
The Anti-Money Laundering and FATCA Compliance is a committee created by the Board of Directors of Philippine Business Bank to perform specific functions set out hereunder. As such, its regular members (including the chairperson) shall be appointed by the Board of Directors and shall report directly thereto. Its primary objective is to assist the Board of Directors in fulfilling its responsibilities by reviewing AML/TF and FATCA policies and procedure proposed by the Compliance Office for adoption and implementation.
- Ensure implementation of systems for effective tracking, monitoring and reporting of suspicious transactions and those clients who are U.S. Persons and are with FATCA Indicia;
- Oversees the bank's compliance with the requirements of the agreement with the U.S. Internal Revenue Services (IRS).
- Reviews and evaluates Suspicious Transaction Reports (STRs) submitted by branches/Head Office units involving PEPs and valued clients and determine if the suspicion has reasonable basis;
- Organizes AML, TF and FATCA training program for all officers and staff of the Bank in coordination with the HRG;
- Reviews and appraises AML&TF policies and measures at least once a year for the purpose of introducing new polices or measures, amending/revising or withdrawing old policies or measures;
- Keeps updates of change in the national AML/TF and FATCA Regulations;
- Conducts compliance reviews/testing through the Compliance Office to determine the overall compliance of the Bank with the RA No. 9160, as amended, its RIRR and Circular No. 706 dated January 5, 2011 or the Updated Anti-Money Laundering and Terrorist Financing Rules and Regulations.
- Reviews FATCA compliance program that includes policies, procedures and processes sufficient to satisfy the requirements of the Foreign Financial Institution agreement throughout each certification period.
- Reviews and evaluates recalcitrant accounts classified as such by the breaches and approves the closure.
- Provides guidance around compliance issues relating to self-certification, registration and breaches.
The Anti-Money Laundering and FATCA Committee is composed of the following:
| The President/Chief Executive Officer (CEO) | - | Chairperson |
| Chief Operations Officer (COO) | - | Vice Chairperson |
| Chief Compliance Officer | - | Member |
| AML/CTF Officer | - | Member |
| Head, Legal Services | - | Member |
| Head, Central Operations Group | - | Member |
| Head, Branch Banking Group | - | Member |
| Head, Branch Operations Control Group | - | Member |
The members of the Committee shall serve at the pleasure of the Management and for such term or terms as the Management may determine, or until their earlier resignation, death, or removal from office. Termination of members' term of office may be staggered to allow the retention of seasoned members and to ensure Committee's uninterrupted workflow.
The Committee shall meet quarterly or as often as may be required, on such date and on such time as determined, by the Chairperson of the Committee.
The Secretary of the Committee shall confer with the Chairperson on the items to be included in the agenda for each meeting.
During each meeting, the Committee may require the attendance of relevant officer/s to address any query from the Members or to present specified reports.
The quorum shall be at least 51% of the members, one of which should be the Chairperson of the committee or in his absence the vice-chairman, who shall chair the meeting. A majority vote among the present shall be required to pass or defeat any resolution at the meeting, provided such majority vote shall always include the vote of the Chairperson or in his absence, the Vice Chairperson.
Approvals by the Committee may be made at or during its meetings or through circulation to all members of the Committee.
Minutes of the Committee meeting will be elevated to the Board of Directors for notation.
