Question & AnswerQ&A (BSP CIRCULAR NO. 612)
The main purpose of BSP Circular No. 612 is to extend the deadline for the submission of covered transaction reports (CTRs) and suspicious transaction reports (STRs) by banks and non-bank financial institutions to the Anti-Money Laundering Council (AMLC) from five (5) working days to ten (10) working days from the occurrence of the transaction.
The submission of covered transaction reports and suspicious transaction reports is mandated under Section 9(c) of Republic Act No. 9160, known as the Anti-Money Laundering Act of 2001, as amended.
The types of reports mentioned are covered transaction reports (CTRs) and suspicious transaction reports (STRs).
All banks and non-bank financial institutions under the supervision and regulation of the Bangko Sentral ng Pilipinas (BSP) are required to submit these reports to the AMLC.
The new deadline for submission is ten (10) working days from the occurrence of the transaction.
The previous deadline was five (5) working days from the occurrence of the transaction.
The Monetary Board approved the extension as per its Resolution No. 630 dated May 22, 2008.
The circular took effect fifteen (15) days after its publication either in the Official Gazette or in a newspaper of general circulation.
It falls under Rule 9.3.a of the Revised Implementing Rules and Regulations (RIRRs) of the Anti-Money Laundering Act.
The circular was signed by Amando M. Tetangco, Jr., the Governor of the Bangko Sentral ng Pilipinas and Chairman of the Monetary Board.