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IMPORTANT ADVISORY

PDIC REGULATORY ISSUANCE NO. 2011-03
RULES GOVERNING REQUESTS FOR RECONSIDERATION OF DENIED DEPOSIT INSURANCE CLAIMS
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BSP CIRCULAR 706
UPDATED ANTI-MONEY LAUNDERING RULES AND REGULATIONS
In compliance to Sections X806.2.i. and X806.2.j. of the Bangko Sentral ng Pilipinas' Circular 706 on the Updated Anti-Money Laundering Rules and Regulations, please be advised that effective immediately, the Purpose of Payment should be specified in all your instructions covering the following payment types:

       a) Cross border Funds/Wire transfers
       b) Local Funds/Wire transfers
       c) Manager’s/Cashier's Cheques

Please ensure that any payment instruction coursed through Standard Chartered Bank, whether manual or electronic, conform to the aforementioned regulations. Should you have any concerns or questions relative to the foregoing, please let us know through the following:

For Corporate Banking   -   email premierservice.ph@sc.com
For Consumer Banking   -   call Contact Centre at 830-1111

BSP CIRCULAR 681
REVISED CHECK CLEARING AND SETTLEMENT PROCESS
Pursuant to the Bangko Sentral ng Pilipinas Circular 681 on the Revised Check Clearing and Settlement Process, with effectivity date of January 1, 2011, we would like to inform you of the following:

       • Checks dishonored due to insufficient funds shall be returned not later than 7:30 AM on the clearing day immediately
          following the original date of check presentment.
       • Overdrafts and drawings against uncollected deposits (DAUD) shall be prohibited.

Presently, you have until the next banking day’s cut-off period to fund issued checks to avoid returns. Under the new regulation, banks will be unable to accommodate next banking day funding of checks. As a result, all unfunded checks during presentment will be automatically returned.

To avoid unnecessary inconvenience and charging of applicable fees, checks issued by authorized signatories to the account(s) must be sufficiently funded on the date of check presentment.

Thank you for your continued patronage and we look forward to your preferential attention to this matter. Should you have any queries, you may contact your Relationship Manager or our Contact Centre at 830-1111.

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