Section X806.2.i(e) of Circular No 706 issued by the Bangko Sentral ng Pilipinas (BSP) entitled "Updated Anti-Money Laundering Rules and Regulations", mandates that all incoming wire transfer of funds sent to banks located in the Philippines or transiting via banks located in the Philippines (acting as an intermediary bank) must include full remitter (also known as originator) information in the "By Order" fields. If you initiate payments on behalf of other parties, you must provide the account number, full name and the full business or residential address of the ordering customer; Post Office box addresses are not acceptable).
If you initiate the payment on your own behalf, leave the "By Order" fields blank.
Failure to comply with the mandate may result in payments being delayed or returned. For additional information on payment regulations for Philippines please visit: http://www.bsp.gov.ph/downloads/regulations/attachments/2011/c706.pdf
In compliance with the Section X806.2.i(e) of Circular No 706 entitled "Updated Anti-Money Laundering Rules and Regulations" issued by the Bangko Sentral ng Pilipinas (BSP), J.P. Morgan's PHP nostro correspondent banks have advised that for all inward remittances the originator/remitter details such as name, address and account number must be stated in the wire transfer instructions in order to be processed.
Additionally, Section X806.2.i of BSP Circular No 706 requires that for inward remittances, the following originator/remitter details should be indicated in the payment/transfer instructions:
Please ensure that your counterparties' remitting bank states the above mentioned details in their payment/fund transfer instructions for credit into your account. Please note that J.P. Morgan's nostro correspondent bank may refuse to effect any wire transfer or credit into your account or apply a hold on the funds in instances where the originator information is not provided, or found to be incomplete or meaningless.
For more information on payment regulation in the Philippines, please visit the Central Bank of Philippines and check under "Payments and Settlements" and "Banking Regulations." Also, please visit the section titled "Philippines" in J.P. Morgan's Treasury Services' Global Payment Guide 2013-2014.
For more complete information regarding the payment system in the Philippines, please visit this document from the Central Bank of Philippines.
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