Rules and Regulations Implementing the Anti-Money Laundering Act of 2001, Bangko Sentral ng Pilipinas Circular No. 302-01 (Philippines)
The covered institutions regulated by the Bangko Sentral ng Pilipinas are required to maintain a system to verify the true identity of the individual and corporate clients. In case of corporate clients, covered institutions are required to establish and maintain a system verifying the corporation's legal existence and organizational structure, as well as the authority and identification of all individual persons acting on behalf of the corporation. Anonymous accounts and other accounts under fictitious names are absolutely prohibited.