AML Council Rules on Transaction Reporting

For covered institutions engaging in bulk transactions with banks, such as deposits of premium payments or trade settlements that do not differentiate individual clients or transaction amounts, CTRs must be filed for clients whose transactions exceed Php 500,000 within these bulk transactions.

Insurance companies must file a CTR when the total premiums paid for a policy in a year exceed Php 500,000, regardless of payment mode (monthly, quarterly, semi-annually, or annually).
The CTR should be filed upon payment of the first premium amount.
Filing of the CTR for the same policy is required only once per year until the policy matures or is rescinded.
This applies even if individual amortizations are less than the threshold amount.

The submission of CTRs is deferred until further directive by the AMLC.
Submission of STRs is not deferred; all covered institutions must promptly submit STRs when circumstances indicate suspicious transactions.

These rules were adopted pursuant to Resolution No. 292 by the Anti-Money Laundering Council (AMLC) under the authority of the Anti-Money Laundering Act of 2001, as amended (Republic Act No. 9160).
The resolution emphasizes the AMLC's mandate to require covered institutions to report transactions that may involve money laundering activities.
It was signed by the Chairman of the Bangko Sentral ng Pilipinas, and members representing the Securities and Exchange Commission and the Insurance Commission.