Note: Under Republic Act 9160 (Anti-Money Laundering ‘Act) as amended by Republic Act 9194 and pertinent regulations, all insurance companies are required to satisfactorily establish the identities of all its customers.
Some insurance companies have a long standing policy not to have its products or services used or abused for money laundering or financing terrorism-related activities.
It is therefore the policy of some insurance companies to refuse to establish business relationship and conduct any transaction with prospective customers who fail to provide evidence of their identity or any other information necessary to allow the Company to evaluate the source of funds or the real intent of the transaction.
I stress the word “some insurance companies” because I cannot speak for all insurance companies if they are complying with the AMLA requirements as I only represent 3 insurance companies to date. (see http://ronniereyes.ph/profile/)
Following are the basic Anti-Money Laundering Act (AMLA) documents:
1. Completed and signed Know Your Customer (KYC) Form or its equivalent which must contain the following minimum information:
a. For Individual Customers
2) Date and Place of Birth
4) Present Address
5) Permanent Address (if different from present address)
6) Contact Number
7) Names of Beneficiaries, whenever applicable
8) At least one (1) valid ID of the signatory *
* Acceptable IDs include any 1 of the following:
1. Passport ID; 2. SSS ID; 3. TIN ID; 4. GSIS ID or any valid Government issued ID with photo and signature.
9) Specimen Signature to be validated with the valid ID submitted
10) Source of Funds
11) Nature of Work and Name of Employer or Nature of Self-Employment
12) Proof of Insurable Interest, whenever applicable.
b. For Corporate Customers
1) Official Address or principal business address
2) List of directors/partners
3) List of principal stockholders owning at least 2% of the capital stock
4) List of principal officers
5) Contact number/s
6) Beneficial owners, if any
7) Verification of the authority and identification of the person purporting to act on
behalf of the corporate client. This will include the following: (a) Secretary
Certificate (b) At least one valid ID of the signatory
2. In the case of corporate clients, the following additional documents must likewise be submitted:
a. Articles of Incorporation
Further, submissions on application requirements whether individual or group transactions must have complete AMLA requirements.
For individual: AMLA form (individual) and ID of the client.
- For single proprietor: AMLA form, ID and Business Permit
- For corporate accounts, the following are required:
- AMLA form (Corporation)
- Certificate of Registration
- Articles of Incorporation
- By laws
- Latest General Information Sheet (if Secretary Certificate cannot be provided)
- Government issued ID of the Signatory
As part of some insurance companies’ continuing effort to comply with the provisions of the Anti-Money Laundering Act of 2001 (RA 9160 as amended by RA 9194), part of the documentary requirements for a corporate account is the submission of the Secretary’s Certificate, which is indispensable in ensuring that the person dealing on behalf of the corporate client is duly authorized to do so.
In some insurance companies, the following coverages are not subject to AMLA requirements:
1. For coverage less than P500,000.
2. If premium is less than P10,000.