QuestionsQuestions (BSP CIRCULAR NO. 253)
It was issued pursuant to Monetary Board Resolution No. 1243 dated 21 July 2000.
Banks and non-bank financial institutions (NBFIs).
To the Bangko Sentral ng Pilipinas (BSP) through the appropriate supervising and examining departments of the Supervision and Examination Sector.
The report must be submitted in the prescribed form (a copy is attached to the Circular).
They include: (1) outward remittances without visible lawful purpose; (2) inward remittances without visible lawful purpose or without underlying trade transactions; (3) unusual purchases of foreign exchange without visible lawful purpose; (4) unusual sales of foreign exchange whose sources are not satisfactorily established; (5) complex, unusual large transactions and all unusual patterns with no apparent/visible lawful purpose; (6) funds managed or held as deposit substitutes where there is reasonable ground to believe they are proceeds of criminal/illegal activities; and (7) other suspicious transactions/activities that can be reported without violating any law.
Outward remittances made without visible lawful purpose.
Inward remittances without visible lawful purpose, or inward remittances without underlying trade transactions.
Unusual purchases of foreign exchange without visible lawful purpose, and unusual sales of foreign exchange whose sources are not satisfactorily established.
All complex, unusual large transactions and all unusual patterns of transactions must be reported when they have no apparent or visible lawful purpose.
When there is reasonable ground to believe the same are proceeds of criminal and other illegal activities.
At least: (a) names of the parties involved; (b) a brief description of the transaction(s); (c) date(s) the transaction occurred; (d) amount(s) involved in every transaction; and (e) other relevant information that may help authorities in investigation.
Within five (5) banking days.
From the date of the transaction, or from the date the bank/NBFI gained/acquired information/knowledge that the transaction is being resorted to for money laundering, or from the time the bank/NBFI had reasonably suspected it was for money laundering.
A delayed report is considered a major report (Category A-2) and each day of delay is penalized: P1,200 per business day for EKBs/KBs; P600 for TBs and QBs; and P180 for RBs/CoopBanks and other NBFIs.
It means late submission triggers treatment as a major report and subjects the reporting institution to the stated daily penalty per business day.
It took effect immediately.
Yes. Item 7 allows “all other suspicious transactions/activities which can be reported without violating any law.”