Legal basis and governing reporting rule
- Section 9 of the Anti-Money Laundering Act (AMLA) requires covered institutions to report all covered transactions and suspicious transactions to the AMLC within five (5) working days from occurrence.
- Section 9 allows the Supervising Authority to prescribe a longer reporting period of up to ten (10) working days.
- The Insurance Commission acts under its legal authority as Supervising Authority for insurance companies and intermediaries.
Policy objective for insurance reporting
- The circular addresses difficulties encountered by insurance companies and intermediaries in submitting reports within five (5) working days.
- The circular therefore extends the AMLA reporting period to ensure compliance despite operational reporting constraints.
Who must report and what transactions
- Insurance companies and intermediaries must report to the AMLC both covered transactions and suspicious transactions.
- Reporting is triggered by the occurrence of the relevant transactions.
- Reporting covers the submission of required AMLA reports within the period fixed by Section 9, as modified by the circular.
Extended reporting period and deadline
- The reporting period is extended to ten (10) working days from occurrence for all covered and suspicious transactions.
- This extension operates in place of the default five (5) working days reporting period for the covered institutions within the Insurance Commission’s supervisory coverage.
Compliance directive
- Covered institutions within the scope of the circular must follow the extended period of ten (10) working days for AMLA reporting to the AMLC.
- Institutions are instructed to ensure strict compliance with the circular’s reporting-extension requirement.