AMLC Resolution No. 61, s. 2016

July 20, 2016 AMLC RESOLUTION NO. 61, S. 2016 Pursuant to Section 9.c of Republic Act No. 9160, as amended, or the Anti-Money Laundering Act of 2001, the Council issued on 24 February 2014 Resolution No. 11 prescribing a ten-working day period for covered persons to file with the AMLC covered and suspicious transaction reports from occurrence of such transactions. Considering the urgency of bringing to the attention of the AMLC suspicious transactions particularly those involving huge amounts and of public interest, which warrant immediate investigation by the AMLC Secretariat, the five (5)-working day reporting period for covered and suspicious transactions as provided under Republic Act No. 10365 should be reinstated. In the case of suspicious transactions, the five-working day period shall be reckoned from the determination of the suspicious nature of the transaction, which determination should be made not exceeding ten (10) calendar days from date of transaction. However, if the transaction is in any way related to, or the person transacting is involved in or connected to, an unlawful activity under Section 3 (i) or 4 (money laundering) of R.A. No. 9160, as amended, the 10-day period for determination shall be reckoned from the date the covered person knew of, or should have known, under the circumstances, the suspicious indicator. The Council resolved to: 1. Reinstate the five (5)-working day reporting period for covered and suspicious transactions thereby superseding Resolution No. 11, Series of 2014; 2. Give all covered persons a lead time of sixty (60) calendar days from date of this Resolution to have their AML electronic system aligned with the requirement of the 5-working day reporting period; and 3. Request the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, the Insurance Commission, and the relevant Supervising Authorities to disseminate copies of this Resolution to all covered persons under their respective jurisdictions. July 20, 2016, Manila, Philippines. (SGD.) AMANDO M. TETANGCO, JR. Chairman (Governor, Bangko Sentral ng Pilipinas) (SGD.) TERESITA J. HERBOSA Member (Chairperson, Securities and Exchange Commission) (SGD.) EMMANUEL M. DOOC Member (Commissioner, Insurance Commission)