QuestionsQuestions (IC CIRCULAR LETTER NO. 14-2005)
Section 9 requires covered institutions to report all covered transactions and suspicious transactions to the AMLC within five (5) working days from occurrence, unless a Supervising Authority prescribes a longer period.
The Supervising Authority may prescribe a longer reporting period not exceeding ten (10) working days from occurrence.
Reports under AMLA Section 9 are submitted to the Anti-Money Laundering Council (AMLC).
The reporting period for all covered and suspicious transactions is extended to ten (10) working days from occurrence.
The Circular states that insurance companies and intermediaries encountered difficulties in submitting their reports within five (5) working days.
The Circular states that the Insurance Commission acted pursuant to an authority expressly granted to it by law.
It operates as an exception/extension for insurance companies and intermediaries within the scope of the Insurance Commission’s supervisory authority, extending the timeline up to ten (10) working days.
Both covered transactions and suspicious transactions are included in the extended reporting period.
It is counted from the occurrence of the transaction (from occurrence thereof).
The Circular instructs for the “guidance and strict compliance” by covered entities with the extended reporting period.
Up to ten (10) working days from occurrence.
Only when the Supervising Authority prescribes a longer period, subject to the maximum of ten (10) working days.
The Circular references Section 9 of the Anti-Money Laundering Act (AMLA), as amended.
It was signed by Benjamin S. Santos, then Commissioner of the Insurance Commission.
It was adopted on 13 April 2005.
Yes. The Circular specifically mentions insurance companies and intermediaries, indicating the extension applies to entities under the Insurance Commission’s supervisory jurisdiction.