BSP Rules on Reporting Suspicious Transactions

Banks and non-bank financial institutions (NBFIs) must report covered transactions to the Bangko Sentral ng Pilipinas, through the appropriate supervising and examining departments of the Supervision and Examination Sector.
Section 1(1) requires reporting of outward remittances without visible lawful purpose.
Section 1(2) requires reporting of inward remittances without visible lawful purpose or without underlying trade transactions.
Section 1(3) requires reporting of unusual purchases of foreign exchange without visible lawful purpose.
Section 1(4) requires reporting of unusual sales of foreign exchange whose sources are not satisfactorily established.
Section 1(5) requires reporting of complex, unusual large transactions and all unusual patterns of transactions that have no apparent or visible lawful purpose.
Section 1(6) requires reporting when funds are managed or held as deposit substitutes if there is reasonable ground to believe the funds are proceeds of criminal and other illegal activities.
Section 1(7) requires reporting of all other suspicious transactions/activities that can be reported without violating any law.

Reports must be made using the prescribed form.
Each report must include the minimum information listed in Section 1.
Reports must state the name or names of the parties involved.
Reports must include a brief description of the transaction or transactions.
Reports must state the date or dates the transaction(s) occurred.
Reports must state the amount(s) involved in every transaction.
Reports must include such other relevant information that can help the authorities in any investigation.

The report must be submitted within five (5) banking days.
The five (5) banking day period runs from the date of the transaction.
The period also runs from the date the bank/NBFI gained/acquired information/knowledge that the transaction is being resorted to for laundering proceeds of criminal or other illegal activities.
The period also runs from the time the bank/NBFI had reasonably suspected that the transactions were entered into for laundering proceeds of criminal and other illegal activities.

A delayed report is treated as a major report (Category A-2).
Every delay triggers a monetary penalty of PHP 1,200 per business day for EKBs/KBs.
Every delay triggers a monetary penalty of PHP 600 per business day for TBs and QBs.
Every delay triggers a monetary penalty of PHP 180 per business day for RBs/CoopBanks and other NBFIs.