AMLC Approved The Policies and Guidelines In Reckoning Covered Institution's Compliance with The Prescribed Reporting Period Under The Anti-Money Laundering Act of 2001

January 31, 2005BSP CIRCULAR LETTERAMLC APPROVED THE POLICIES AND GUIDELINES IN RECKONING COVERED INSTITUTION'S COMPLIANCE WITH THE PRESCRIBED REPORTING PERIOD UNDER THE ANTI-MONEY LAUNDERING ACT OF 2001TO : All Banks and Non-Bank Financial Institutions Under BSP SupervisionIn its Resolution No. 2, Series of 2005 (copy attached) dated 12 January 2005, the Anti-Money Laundering Council (AMLC) approved the policies and guidelines in reckoning covered institution's compliance with the prescribed reporting period under Republic Act No. 9160, as amended, otherwise known as the Anti-Money Laundering Act of 2001. For your information and guidance.(SGD.) ALBERTO V. REYESDeputy GovernorResolution No. 02-05Pursuant to Section 9-c of the Anti-Money Laundering Act, as amended, covered institutions (CIs) shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days from occurrence thereof, subject to the circumstances described in Resolution No. 292 dated October 24, 2003 which remains in full force and effect. cHCIEAWHEREFORE, the Council, resolves as it hereby resolved, to approve the following policies and guidelines in reckoning CIs' compliance with the prescribed reporting period:1. The following...