CIRCULAR NO.

259
Series of 2000 Pursuant to Monetary Board Resolution No. 1494 dated 1 September 2000, additional anti-money laundering rules and regulations for banks are hereby issued as follows: Section 1. Issuance of Cashiers, Managers or Certified Checks. Banks shall not issue cashiers, managers 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 drivers license, passport, employment I.D. or other photo identification card. A register for cashiers, managers 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.

FOR THE MONETARY BOARD:

ARMANDO L. SURATOS Officer-In-Charge

CIRCULAR NO. 291

Series of 2001 The Monetary Board, in its Resolution No. 707 dated 10 May 2001 decided to authorize the issuance of cashiers, managers or certified checks or other similar instruments in blank or payable to cash, bearer or numbered account as an exception from the provisions of Circular no. 259, subject to the following conditions: a. That the amount of each check shall not exceed P10,000.00; b. That the buyer of the check is properly identified as required under Circular No. 259 dated 29 September; c. That a register of said checks shall be maintained with the following minimum information: 1. 2. 3. 4. 5. Date issued; Amount; Name of buyer; Date paid; If the aggregate instruments purchased by the same person within any thirty (30) day period amounts to at least fifty thousand pesos (P50,000), the purpose of the buyer should be stated.

d. That banks which issue as well as those which accept as deposits, said cashiers, managers or certified checks or other similar instruments issued in blank or payable to cash, bearer or numbered account shall take such measure(s) as may be necessary to ensure that said instruments are not being used/resorted to by the buyer or depositor in furtherance of a money-laundering activity. e. That the deposit of said instruments shall be subject to the same requirements/scrutiny applicable to cash deposits. f. That transactions involving said instruments should be accordingly reported to the Bangko Sentral ng Pilipinas if there is reasonable ground to suspect that said transactions are being used to launder funds of illegitimate origin.

This Circular shall take effect immediately.

FOR THE MONETARY BOARD: AMANDO M. TETANGCO JR. Officer-in-Charge