Question & AnswerQ&A (IC CIRCULAR LETTER NO. 8-2003)
The Anti-Money Laundering Council (AMLC) is created under Republic Act No. 9160, as amended, otherwise known as the "Anti-Money Laundering Act of 2001."
The resolution adopts the Rules on the Submission of Covered Transaction Reports (CTRs) and Suspicious Transaction Reports (STRs) by covered institutions to prevent money laundering activities.
All covered institutions are required to file Suspicious Transaction Reports (STRs) on transactions involving all kinds of monetary instruments or property.
Banks must file CTRs on transactions involving all kinds of monetary instruments or property, including cash and non-cash transactions, whether in domestic or foreign currency.
Yes, non-bank covered institutions are required to file CTRs on transactions in cash, foreign currency, other monetary instruments (excluding checks), or properties.
The Philippine Stock Exchange (PSE), Philippine Central Depository (PCD), Securities Clearing Corporation of the Philippines (SCCP), and transfer agents are exempted from filing CTRs.
Yes, even though they are exempted from filing CTRs, these entities are required to file STRs when transactions passing through them are deemed suspicious.
CTRs must be filed on individual clients whose transactions exceed Php 500,000.00 and are included in the bulk transactions if the bulk transactions do not distinguish clients and their transaction amounts.
Insurance companies must file a CTR when the total amount of premiums for the entire year exceeds Php 500,000.00 regardless of the mode of payment. The report is filed upon payment of the first premium amount and only once every year until the policy matures or is rescinded.
Yes, the submission of CTRs is deferred until the AMLC directs otherwise; however, submission of STRs is not deferred and must be filed when circumstances require.
Covered institutions must monitor all transactions involving monetary instruments or property that may appear suspicious, regardless of whether they are cash or non-cash transactions, domestic or foreign currency.
The resolution was signed by Rafael B. Buenaventura (Chairman, Governor of Bangko Sentral ng Pilipinas), Lilia R. Bautista (Member, Chairman of the Securities and Exchange Commission), and Eduardo T. Malinis (Member, Officer-In-Charge, Insurance Commission).