January 29, 2020
AMLC REGULATORY ISSUANCE (ARI) A, B, and C, No. 001-20
| SUBJECT | : | Amendments to Certain Provisions of the 2018 Implementing Rules and Regulations (IRR) of Republic Act No. 9160, as Amended |
By the authority vested in me by the Anti-Money Laundering Council (AMLC), pursuant to AMLC Resolution No. 22 dated 29 January 2020, the following amendments to certain provisions of the 2018 Implementing Rules and Regulations (IRR) of Republic Act No. 9160, as amended are hereby issued.
SECTION 1. Paragraph (z) Section 1 of Rule II of the 2018 Implementing Rules and Regulations (IRR) of Republic Act No. 9160 is hereby amended to read as follows:
(z) "Customer/Client" refers to any person who keeps or maintains an account with a covered person. It includes the following:
(1) Beneficial owner, or any natural person who ultimately owns or controls a customer and/or on whose behalf an account is maintained or a transaction is conducted;
(2) Transactors, agents and other authorized representatives of beneficial owners;
(3) Beneficiaries of trusts, investment and pension funds, insurance policies, and remittance transactions;
(4) Persons whose assets are...
