To be allowed to customize basic deposit account products or implement the "liberalized customer onboarding" procedure, the BSP said banks should have simplified Know-Your-Customer (KYC) for "low risk customers, wherein identifying the customer and verifying their true identity may be based on any document or information reduced in writing which the covered person
deems sufficient to establish customer's identity.
procedures; obtain senior management approval for establishing business relationship; conduct enhanced ongoing monitoring of the business relationship; require the first payment to be carried out through an account in the customer's name with a bank subject to similar customer due diligence standards, where applicable; and perform such other measures as the covered person
may deem reasonable or necessary.
A major feature of the ARRG is the adoption of the new 18-digit registration number that facilitates identification of the covered person
, its type of business and industry and geographic location or branch.
A "covered person
" is "any person that engages in offering or providing a consumer financial product or service" and "any affiliate of [such a person if the] affiliate acts as a service provider to the covered person
Where any of these requirements have not been met, the plaintiff's assignor is not a qualified person and thus, not a covered person
The Dodd-Frank Wall Street Reform and Consumer Protection Act provides in section 1036(a)(3) that "any person" who "knowingly or recklessly" provides "substantial assistance" to a covered person
or service provider in violation of section 1031 shall be "deemed to be in violation of that section to the same extent as the person to whom such assistance is provided.
facilitate the transfer of covered person
from third countries when in
A covered person
under this section is any person as follows:
12 consecutive months for each covered person
on an expense incurred, indemnity, prepaid or other basis; for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance or personal care services, provided in a setting other than an acute care unit of a hospital.
For example, a covered person
who doesn't bother to port their critical illness product might lose insurability or issue age pricing, but a covered person
who fails to port their permanent life plan might forfeit thousands of dollars worth of account value as well.
During "Phase I," the qualified long-term care expenses of a chronically ill covered person
were paid up to a certain monthly cap until the value of the contract was reduced to zero.
A covered person
under this section is any person as follows: A person who planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001, or harbored those responsible for those attacks.