QuestionsQuestions (BSP CIRCULAR NO. 612)
The prior deadline was five (5) working days; the new deadline is ten (10) working days from occurrence.
Section 9(c) of R.A. No. 9160 (Anti-Money Laundering Act of 2001), as amended.
Rule 9.3.a of the Revised Implementing Rules and Regulations.
It approved the extension of the deadline for the submission of covered transaction reports (CTRs) and suspicious transaction reports (STRs) to the AMLC.
All banks and non-bank financial institutions under the supervision and regulation of the BSP.
It is counted from the occurrence of the covered or suspicious transaction.
It applies to both: CTRs and STRs.
To extend the time for reporting covered and suspicious transactions to the AMLC from five to ten working days, as approved by the Monetary Board.
It takes effect fifteen (15) days after its publication either in the Official Gazette or in a newspaper of general circulation.
The Anti-Money Laundering Council (AMLC).
The end of the period is based on counting ten (10) working days from the occurrence (not calendar days).
It limits the application of the reporting deadline extension to institutions that are BSP-supervised and -regulated.
Because the circular’s authority and the mechanics/standards for reporting are anchored both on the statute (R.A. 9160, Sec. 9(c)) and on the specific implementing rule (Rule 9.3.a), which it references to justify the extension.
It identifies the Monetary Board resolution that approved the specific extension described in the circular.
It changes the deadline length—from five to ten working days; it does not change the requirement that CTRs and STRs must still be submitted to the AMLC.