Extension of Time Within which to Comply with the Requirements of Circular No. 495 dated 20 September 2005
CIRCULAR NO. 527 Series of 2006
Subject: Extension of Time Within which to Comply with the Requirements of Circular No. 495 dated 20 September 2005
Pursuant to Monetary Board Resolution No. 457 dated 7 April 2006, all universal and commercial banks (UBs and KBs) are hereby given up to 14 October 2007 to put in place the electronic money laundering transaction monitoring system required under Circular No. 495 dated 20 September 2005.
UBs and KBs with existing electronic system of flagging and monitoring transactions, shall ensure that their existing system is fully compliant with and has similar functionalities as those required under the said Circular by 14 October 2007.
This Circular is effective immediately.
FOR THE MONETARY BOARD
AMANDO M. TETANGCO, JR. Governor
More in BSP Circulars
- Guidelines on Sound Credit Risk Management Practices; Amendments to the Manual of Regulations for Banks and Non-Bank Financial Institutions(BSP Circular No. 855)
- Amendments to the guidelines on the BSP Rediscounting Facility(BSP Circular No. 648)
- Adoption of Know-Your-Member Guidelines for Non-Stock Savings and Loan Association(BSP Circular No. 993)
- Importation of commodities listed that no longer requires prior approval of the government agency likewise indicated therein(BSP Circular No. 1347)
- Amendments to Books I, II, III and IV of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 168)
- Meaning of Pre-Approved Credit Cards(BSP Circular No. 845)
- Amendment to the second paragraph of Section X238 of the Manual of Regulations for Banks(BSP Circular No. 483)
- Submission of Audited Financial Statements (AFS)(BSP Circular No. 540)
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