Rules on Importation of Live Cattle and Meat Products

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BAI ADMINISTRATIVE ORDER NO. 16, S. 2005: Rules on Importation of Live Cattle and Meat Products

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Title Source: Supreme Court: FXD/MC/RA registration requirement by BSP

Law: Bsp Memorandum

Decision Date: Jul 18, 2005

Foreign exchange dealers, money changers, and remittance agents must submit their Bangko Sentral ng Pilipinas registration certificates as part of compliance with "know your customer" procedures, as mandated by the BSP Memorandum dated July 18, 2005.

Submission and Verification of Certificate of Registration

Clients who are FXDs, MCs, and RAs are required to submit a copy of their BSP-issued Certificate of Registration.
This submission is a mandatory part of "Know Your Customer" (KYC) compliance procedures.
The authenticity of the certificates can be verified through the BSP Supervision and Examination Department III.

Compliance and Enforcement

Financial institutions and relevant entities must ensure their clients in FXD, MC, and RA sectors comply with the registration requirement.
Failure to comply with the certificate submission requirement may result in non-compliance with KYC regulations.

Purpose and Legal Basis

The requirement strengthens regulatory oversight and facilitates monitoring of foreign exchange and remittance transactions.
It helps ensure that only registered and authorized entities engage in foreign exchange dealings and money changing activities.
The legal authority is anchored under BSP Circular No. 471, reinforcing the BSP's supervisory role.

Issuance Authority

The Certificate of Registration is issued solely by the Bangko Sentral ng Pilipinas.
The BSP Deputy Governor is involved in promulgating related guidelines and circulars, ensuring regulatory compliance.

END