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AMLC Resolution No. 58 25 May 2005 |
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TO : All Banks and Non-Bank Financial Institutions Under BSP Supervision The Anti-Money Laundering Council (AMLC), in the exercise of its authority under Sections 7(1) and 9 of Republic Act No. 9160, otherwise known as the "Anti-Money Laundering Act of 2001", as amended, and its Revised Implementing Rules and Regulations, resolved to: 1. Defer reporting by covered institutions to AMLC of the following "non-cash, no/low risk covered transactions: * Transactions between banks and the BSP; * Transactions between banks operating in the Philippines; * Internal operating expenses of the banks; * Transactions between banks and government agencies; * Transactions involving transfer of funds from one deposit account to another deposit account of the same person within the same bank; * Roll-overs of placements of time deposits; and * Loan interest/principal payment debited against borrower's deposit account maintained with the lending bank. 2. Request the BSP-supervised institutions, through the Association of Bank Compliance Officers (ABCOMP), to determine and report to AMLC the specific transactions falling within the purview of the aforesaid BSP-identified categories on "non-cash, no/low risk" covered transactions. Attached is a copy of AMLC Resolution No. 58 dated 25 May 2005 for your guidance and implementation. NESTOR A. ESPENILLA, JR. Deputy Governor 16 June 2005 |
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