April 26, 2011
AMLC RESOLUTION NO. 038-11
In its Memorandum dated 26 April 2011, the Secretariat reported that: AacSTE
AMLC Resolution No. 292, Series of 2003 provides that:
"3. Covered institutions, other than banks, shall file covered transaction reports (CTRs) on transactions in cash or foreign currency or other monetary instruments (other than checks) or properties. Due to the nature of the transactions in the stock exchange, only the brokers-dealers shall be required to file CTRs and STRs. They, are however, required to file STRs when the transactions that pass through them are deemed to be suspicious." (Emphasis supplied)
Relative to the aforequoted provision, the AMLC Secretariat has been receiving requests for clarification on whether transactions settled via fund transfers, or "debiting and crediting" of the respective accounts of brokers and customers within the same bank, are also included among the covered transactions the reporting of which is deferred pursuant to the said Resolution No. 292, Series of 2003.
To finally settle the issue, it is deemed best to adopt a policy on the matter.
The Council resolved to adopt the...
