Submission of Suspicious Transaction Reports

CIRCULAR LETTER NO. CL-2007-020

TO:  ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS (NBFIs) UNDER THE SUPERVISION AND REGULATION OF THE BANGKO SENTRAL NG PILIPINAS, INCLUDING THEIR SUBSIDIARIES AND AFFILIATES

Subject:  Submission of Suspicious Transaction Reports

Banks and NBFIs under the supervision and regulation of the BSP, including their subsidiaries and affiliates are hereby reminded that the suspicious transaction reports (STRs) to the Anti-Money Laundering Council (AMLA) are required to be submitted in electronic form with the corresponding hard copy pursuant to the provisions of Sec. 9© of the Anti-Money Laundering Act of 2001 (AMLA), as amended, in relation to Rule 9.3.b.2 of the Revised Implementing Rules and Regulations (RIRR) and AMLC Resolution No. 42, series of 2005.

Failure to comply with said requirements may subject the institution concerned to the administrative sanctions pursuant to Sec. 7, paragraph 11 of the AMLA, as amended, in relation to Rule 14.1 of its RIRR.

For compliance.

NESTOR A. ESPENILLA, JR. Deputy Governor