Extension of Report Submission Deadline to AMLC

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BSP CIRCULAR NO. 612: Extension of Report Submission Deadline to AMLC

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Title Source: Supreme Court: Extension of Report Submission Deadline to AMLC

Law: Bsp Circular No. 612

Decision Date: Jun 13, 2008

The Monetary Board, led by Governor Amando M. Tetangco, Jr., extends the deadline for banks and non-bank financial institutions to submit covered and suspicious transaction reports to the Anti-Money Laundering Council from five to ten working days.

Legal Basis and Authority

The extension is pursuant to Section 9(c) of Republic Act No. 9160, also known as the "Anti-Money Laundering Act of 2001," as amended.
It is also anchored on Rule 9.3.a of the Revised Implementing Rules and Regulations (RIRRs) of the same Act.
The Monetary Board approved this change through Resolution No. 630 dated May 22, 2008.

Scope and Applicability

The directive applies to all banks and non-bank financial institutions that are under the supervision and regulation of the Bangko Sentral ng Pilipinas (BSP).
These entities are responsible for filing the CTRs and STRs to the AMLC within the prescribed extended timeline.

Implementation and Effectivity

The circular effectivity is set at fifteen (15) days after its publication.
It may be published either in the Official Gazette or in a newspaper of general circulation.

Signatory and Authority

The circular was adopted on June 13, 2008.
It was signed by Amando M. Tetangco, Jr., the Governor of the Bangko Sentral ng Pilipinas, on behalf of the Monetary Board.

END