Law Summary
Exclusion of Non-Working Days in Prescribed Reporting Period Calculation
Certain days are excluded from the counting of the five-day reporting period, specifically:
- Weekends (Saturday and Sunday)
- Official regular national holidays
- Officially declared national special non-working days
- Officially declared holidays in the locality where the AMLC Secretariat Office is located
Declaration and Impact of AMLC "Non-Reporting Days"
The AMLC Secretariat may declare a "non-reporting day" when the electronic reporting system, the File Transfer and Reporting Facility (FTRF), is unavailable for five or more consecutive hours.
- Such days are excluded from the prescribed reporting period.
- The Executive Director or Officer-in-Charge of the AMLC Secretariat can declare these days upon appropriate justification from the Deputy Director of IMAS AMLC Secretariat.
Treatment of Local Holidays for Reporting Period Purposes
Local holidays other than those officially declared in the locality of the AMLC Secretariat Office are considered working days for reporting purposes, even if the CI is located in that locality.
- CIs affected by such local holidays may file a deviation request for relief.
- Deviation requests are subject to approval by the Executive Director or Officer-in-Charge upon recommendation from the Deputy Director of IMAS AMLC Secretariat.
- Such approved deviations permit manual recalculation of penalties for late reporting.
Consideration of Natural Calamity-Induced Non-Working Days
Official non-working days declared due to natural calamities (e.g., floods, typhoons, earthquakes) in affected localities or regions may be excluded from the counting of the reporting period for CIs located therein.
- Affected CIs must submit a deviation request.
- Approval follows the same procedure as local holiday deviations.
- Approved deviations allow for manual adjustment of penalties processed automatically by the AMLC's Transaction Monitoring and Analysis System (TMAS).
Integration with AMLC's Transaction Monitoring and Analysis System (TMAS)
The policies and guidelines regarding the exclusion of non-working days, non-reporting days, and handling of deviation requests are incorporated into the ongoing development and implementation of the TMAS.
- TMAS uses these rules primarily for the calculation of penalties related to delayed reporting by CIs.
Authority and Approvals
- The Anti-Money Laundering Council, composed of the BSP Governor (Chairman), Securities and Exchange Commission Chairman, and Insurance Commission Commissioner, approved these guidelines.
- The Deputy Governor of BSP and Executive Director/Officer-in-Charge of the AMLC Secretariat play critical roles in the administration and operationalization of these policies.