Anti-Money Laundering Council (AMLC) Resolution No. 10 dated 31 January 2007

CIRCULAR LETTER NO. CL-2007-010

TO:  All Banks

Subject:  Anti-Money Laundering Council (AMLC) Resolution No. 10 dated 31 January 2007

Attached is the Anti-Money Laundering Council (AMLC) Resolution No. 10 dated 31 January 2007 enjoining all banks to strictly comply with the requirement on reporting suspicious transactions and reminding them of the following:

A bank through which a fraudulent or spurious check passes, either as depository, presenting, or drawee bank, shall file the corresponding Suspicious Transaction Report (STR) pursuant to Section 9 (c) of R.A. No. 9160, as amended.

The STR shall be filed within five (5) working days from the occurrence of the transaction, or from the time the concerned bank is notified or becomes aware of the spurious character of the check or the fraudulent nature of the transaction.

The filing of the Bangko Sentral ng Pilipinas of a Report on Crimes and Losses relating to the deposit of a fraudulent or spurious check does not dispense with the filing of an STR with the Anti-Money Laundering Council pursuant to Section 9 (c) of R.A. No. 9160, as amended.

For your guidance and strict compliance.

NESTOR A. ESPENILLA, JR. Deputy Governor