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February 26, 2014AMLC RESOLUTION NO. 011-14In the Memorandum dated 3 February 2014, the Secretariat reported to the Council that: The Association of Bank Compliance Officers, Inc. (ABCOMP) requests the Council to reinstate the policy issued by the Bangko Sentral ng Pilipinas (BSP) in its Circular No. 612 dated 13 June 2008, which extended the five (5)-day prescribed period under Republic Act (R.A.) No. 9160, or the Anti-Money Laundering Act (AMLA) of 2001, as amended, to a ten (10)-day period within which covered persons should report to the Anti-Money Laundering Council (AMLC) covered and suspicious transactions.The request was prompted by the new provision of Section 9 (c) of R.A. No. 9160 as amended by R.A. No. 10365, which reverted to the five (5)-day period within which to file covered transaction reports (CTRs) and suspicious transaction reports (STRs), unless the AMLC prescribes a different period not exceeding fifteen (15) days, thus:Sec. 9.c. Reporting of Covered and Suspicious Transactions. — Covered persons shall report to the AMLC all covered transactions and suspicious transactions within five (5) working days...