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Guidelines For Covered Transaction and Suspicious Transaction Reports (AMLC) |
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18 February 2004
Dear Fellow Rural Bankers, The Anti-Money Laundering Council (AMLC) convened all covered institutions (CIs) to a meeting last February 12, 2004 to discuss the new developments in the reporting system of the Covered Transaction Reports (CTRs) and Suspicious Transaction Reports (STRs). The new developments on the reportorial requirements are, as follows: 1.) Effective April 1, 2004, the AMLC will no longer require CIs to submit hard copies of CTRs. CTRs must be submitted electronically and in diskette form starting April 1, 2004.The reporting procedures including instructions for developing the report template and forms for CTRs and STRs are attached for ready reference. Questions on the electronic submission of reports should be directed to the AMLC office: Atty. Vicente S. Aquino, AMLC Executive Director (02) 523-4421) or Ms. Ruby Cruz (02) 524-1908; (02) 524 7011 loc. 2366 or 4273, rbcruz@bsp.gov.ph. Please note that only the authorized bank senior officer registered by the CI using the AMLC prescribed forms is allowed to send electronic reports to AMLC. Because there were several objections whether document security will be achieved with these new measures, the AMLC said they will take note of all the objections and comments made. But until any change has been announced, the AMLC decisions enumerated above will take effect. There is still no Circular to support the above-mentioned developments pending the determination of the actual penalty for non-compliance. AMLC requested the cooperation of all CIs especially at this juncture when the Philippines is at the third and final stage of the de-listing process. The first stage required the passage of the AML Law. The second stage required the submission of the Philippines’ anti-money laundering plan. Both have been complied with. The third and final stage will now entail the evaluation of the country’s implementation plan. From February to April 2004, various international financial intelligence institutions will be visiting the Philippines and specific CIs to assess the execution of the country’s implementation plan. No rural bank has so far been selected for any visit/interview. For your information and compliance. Very truly yours, Daniel R. Arcenas President Rural Bankers Association of the Philippines Attachments a.) VIEW REGISTRATION FORM (Word Document) 542 KB, 1 page b.) COVERED TRANSACTION REPORT View Reporting Procedure (Word Document) 95.5 KB, 9 pages |
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