Amendments and penalties on forex reports

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BSP CIRCULAR LETTER: Amendments and penalties on forex reports

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Title Supreme Court: Amendments and penalties on forex reports

Law: Bsp Circular Letter

Decision Date: Apr 20, 1998

BSP Circular Letter mandates that amended Daily Foreign Exchange Position Reports must be clearly marked as "AMENDMENT" and accompanied by a list of affected accounts, with penalties for late or incomplete submissions.

foreign exchange

position report

A

Accompanying Documentation for Amendments

When submitting an amended report, institutions must also provide a list of accounts affected by the amendment.
The list must detail the corresponding changes made in the amounts originally reported for these accounts.

Scope and Applicability

The requirements apply to the Daily Foreign Exchange Position Reports (FED Form 1, Schedule 15).
This also includes the Daily Consolidated Foreign Exchange Position Reports as referenced in previous Circular Letters dated September 5 and 9, 1997.

Penalties for Non-compliance

Late submission or incomplete submission of the Foreign Exchange position reports, including the Consolidated Reports, is subject to fines and penalties.
These sanctions are prescribed under Section 91 of the Central Bank Circular 1389, as amended.

Administrative Authority and Implementation

The directive was issued by the Managing Director of the Banking Supervision Sector and Officer-in-Charge of the Foreign Exchange Department at the Bangko Sentral ng Pilipinas (BSP).
The circular letter was adopted and enforced starting April 20, 1998, ensuring compliance among financial institutions in the Philippines.

END