Procedures on the Sale and Purchase of Foreign Currencies
Trs
SUPERVISION AND EXAMINATION SECTOR OFFICE OF THE DEPUTY GOVERNOR
CIRCULAR LETTER NO: CL-2006-014
TO ALL BANKS, FOREIGN EXCHANGE DEALERS, MONEY CHANGERS AND REMITTANCE AGENTS
Subiect: Procedures on the Sale and Purchase of Foreign Currencies
operating at our airports, which do not observe proper anti-money laundering regulations on customer identification and record-keeping for transactions involving the purchase and sale of foreign currencies. Likewise, we received It has come to our attention that there are some banks, including those
(MCs) and remittance agents (RAs) do not strictly observe the minimum procedures on the sale and purchase of foreign currencies, as provided in information that many foreign exchange dealers (FXDs), money changers Circular No. 471 dated 24 January 2005.
anti-money laundering regulations as prescribed by Republic Act No. 9160, as amended by RA No. 9194, will subject banks, FXDs, MCs and RAs concerned to the sanctions and penalties as provided in Subsection X691.9 of the Manual of Regulations for Banks and/or the penalty provisions of Circular No. In view thereof, please be reminded that non-compliance with existing
471.
00 NESTOR A ESPENILLA Deputy Governo JR
Jy 2006
PANANALAPING MATATAG, BANSANG PANATAG
A. Mabini St., Malate 1004, Manila, Philippines Trunkline (632) 524-70-11 * URL www.bsp.gov.ph o-mail: [email protected]
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