Minimum Client Information Requirements
To comply with KYC and related duties, entities must secure specific minimum information from clients:
A. Individual Clients:
- Name
- Present and Permanent Address
- Date and Place of Birth
- Nationality
- Nature of work and employer name or nature of self-employment/business
- Contact Numbers
- Tax Identification Number (TIN), Social Security System (SSS) number, or Government Service and Insurance System (GSIS) number
- Specimen signature
- Source of funds
- Names of beneficiaries, if applicable
B. Corporate/Juridical Entity Clients:
- Articles of Incorporation or Partnership
- By-laws
- Official or principal business address
- List of directors or partners
- List of principal stockholders owning at least two percent (2%) of capital stock
- Contact numbers
- List of principal officers
- Beneficial owners, if any
- Verification of authority and identification of the acting representative
Verification and Documentation
Entities must require presentation of original supporting documents to establish and verify the information provided by clients to ensure accuracy and compliance.
Collaboration and Compliance Enforcement
The Insurance Commission urges all insurance-related entities, particularly intermediaries and insurance or reinsurance companies with common clients, to collaborate and establish effective mechanisms to ensure efficient and full compliance with AMLA obligations.
Record Keeping Duration
All identification data and transaction records must be preserved for a minimum of five years or until the final resolution of any related money laundering court case, whichever period is longer.