Purchases/Sales of Foreign Exchange
CIRCULAR LETTER Series of 2000
TO: ALL UNIVERSAL AND COMMERCIAL BANKS
Pursuant to Sec. 80 of R.A. 7653, and for purposes of monitoring/correct record keeping, banks with FOREX Corporations as subsidiaries/affiliates shall make available at all times a (hard and soft) listing on a daily basis of the names of counterparties and other details in the attached format, for purchases/sales of foreign exchange.
For purchases/sales of foreign exchange of $250,000 and above, the purpose thereof shall be indicated. A penalty of P30,000 per day (until complied) shall be imposed for failure to provide such listing to the BSP when requested. Cancellation or withdrawal of FCDU authority shall be imposed on banks whose affiliated FOREX Corporations shall continue to refuse to submit such listings as/and when requested.
This Circular-Letter shall take effect immediately except for the first paragraph which shall cover transactions starting May 2, 2000.
RAFAEL B. BUENAVENTURA Governor
More in BSP Circular Letters
- Lost Bangko Sentral Registration Document (BSRD)(BSP Circular Letter No. CL-2019-022)
- Conversion/Upgrading of Producers Rural Banking Corporation into a Thrift Bank under a new name "Producers Savings Bank Corporation"(BSP Circular Letter No. CL-2010-061)
- Resumption of operations of Monte de Piedad and Savings Bank(BSP Circular Letter No. CL05071997)
- Publication/Posting of Statement of Condition And/Or Consolidated Statement of Condition(BSP Circular Letter No. CL-2020-003)
- Revocation of License to Operate as an NSSLA of ASLA Savings and Loan Association Inc.(BSP Circular Letter No. CL-2025-035)
- Circular Letter - Anti-Money Laundering Council (AMLC) Resolution No. 103 dated 16 September 2011(BSP Circular Letter No. CL-2011-081)
- Lebanese Currency Exchange Facility (CEF) for Overseas Filipino Workers Returning from Lebanon(BSP Circular Letter No. CL-2006-023)
- Conversion of the Kaunlaran Savings and Loan Association, Inc. from a thrift bank into a rural bank(BSP Circular Letter No. CL11052001A)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.