January 24, 2013
AMLC RESOLUTION NO. 010-B-13
On January 31, 2007, the Council issued Resolution No. 10, Series of 2007, the dispositive portion of which reads:
"The Council resolved to enjoin all banks to strictly comply with the requirement on reporting of suspicious transactions, and remind them of the following:
1. A bank through which a fraudulent or spurious check passes, either as depository, presenting, or drawee bank, shall file the corresponding STR, pursuant to Section 9 (c) of R.A. No. 9160, as amended.
2. 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."
In its Memorandum dated 28 November 2012, FSLC-TWG recommended that an amendment to the AMLC Resolution No. 10, series of 2007 and its counterpart BSP Circular Letter No. CL-2007-010 requiring the reporting of spurious check by the depository bank and the drawee bank only.
In a case where a client deposits a spurious check...
