AMLC Resolution No. 58 25 May 2005

CIRCULAR LETTER Series of 2005

TO: All Banks and Non-Bank Financial Institutions Under BSP Supervision

The Anti-Money Laundering Council (AMLC), in the exercise of its authority under Sections 7(1) and 9 of Republic Act No. 9160, otherwise known as the "Anti-Money Laundering Act of 2001", as amended, and its Revised Implementing Rules and Regulations, resolved to:

1.   Defer reporting by covered institutions to AMLC of the following "non-cash, no/low risk covered transactions:

Transactions between banks and the BSP;

Transactions between banks operating in the Philippines;

Internal operating expenses of the banks;

Transactions between banks and government agencies;

Transactions involving transfer of funds from one deposit account to another deposit account of the same person within the same bank;

Roll-overs of placements of time deposits; and

Loan interest/principal payment debited against borrower's deposit account maintained with the lending bank.

2.   Request the BSP-supervised institutions, through the Association of Bank Compliance Officers (ABCOMP), to determine and report to AMLC the specific transactions falling within the purview of the aforesaid BSP-identified categories on "non-cash, no/low risk" covered transactions.

Attached is a copy of AMLC Resolution No. 58 dated 25 May 2005 for your guidance and implementation.

NESTOR A. ESPENILLA, JR. Deputy Governor