AMLC Resolution No. 11, s. 2014

February 26, 2014 AMLC RESOLUTION NO. 11, S. 2014 In the Memorandum dated 3 February 2014, the Secretariat reported to the Council that: The Association of Bank Compliance Officers, Inc. (ABCOMP) requests the Council to reinstate the policy issued by the Bangko Sentral ng Pilipinas (BSP) in its Circular No. 612 dated 13 June 2008, which extended the five (5)-day prescribed period under Republic Act (R.A.) No. 9160, or the Anti-Money Laundering Act (AMLA) of 2001, as amended, to a ten (10)-day period within which covered persons should report to the Anti-Money Laundering Council (AMLC) covered and suspicious transactions. The request was prompted by the new provision of Section 9 (c) of R.A. No. 9160 as amended by R.A. No. 10365 , which reverted to the five (5)-day period within which to file covered transaction reports (CTRs) and suspicious transaction reports (STRs), unless the AMLC prescribes a different period not exceeding fifteen (15) days, thus: Sec. 9.c. Reporting of Covered and Suspicious Transactions . Covered persons shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, unless the AMLC prescribes a different period not exceeding fifteen (15) working days. HCATEa Prior to the aforesaid amendment, R.A. No. 9160 required the reporting of covered and suspicious transactions within five (5) working days from occurrence thereof, unless the Supervising Authorities prescribe a longer period not exceeding ten (10) working days. Pursuant thereto, the Supervising Authorities, i.e. , the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission (SEC), and the Insurance Commission (IC), issued BSP Circular No. 612, SEC Memorandum Circular No. 2, Series of 2012, and IC Circular Letter No. 32-2006 dated September 18, 2006, respectively, prescribing a ten (10)-day period within which covered persons under their respective jurisdictions should file covered and suspicious transaction reports to the AMLC. To revert to the five-day period prescribed by the AMLA would involve an adjustment of the reporting system of the institutions, and eventually entail additional cost of operation. On the contrary, reinstating the ten (10)-day period would allow covered persons sufficient time to collect reports from different branches and consolidate the same for proper reporting to the AMLC. To ensure effective and uniform compliance by all covered persons with the requirements of the AMLA, the Council resolved to: 1. Prescribe the reporting of all covered transactions and suspicious transactions to the AMLC within ten (10) working days from occurrence thereof. 2. Request the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission to disseminate copies of this Resolution to all covered persons under their respective jurisdictions. February 26, 2014, Manila, Philippines. caCSDT (SGD.) AMANDO M. TETANGCO, JR. Chairman (Governor, Bangko Sentral ng Pilipinas) (SGD.) TERESITA J. HERBOSA Member (Chairman, Securities and Exchange Commission) (SGD.) EMMANUEL F. DOOC Member (Commissioner, Insurance Commission)