July 20, 2016
AMLC RESOLUTION NO. 061-16
Pursuant to Section 9.c of Republic Act No. 9160, as amended, or the Anti-Money Laundering Act of 2001, the Council issued on 24 February 2014 Resolution No. 11 prescribing a ten-working day period for covered persons to file with the AMLC covered and suspicious transaction reports from occurrence of such transactions.
Considering the urgency of bringing to the attention of the AMLC suspicious transactions particularly those involving huge amounts and of public interest, which warrant immediate investigation by the AMLC Secretariat, the five (5)-working day reporting period for covered and suspicious transactions as provided under Republic Act No. 10365 should be reinstated.
In the case of suspicious transactions, the five-working day period shall be reckoned from the determination of the suspicious nature of the transaction, which determination should be made not exceeding ten (10) calendar days from date of transaction.
However, if the transaction is in any way related to, or the person transacting is involved in or connected to, an unlawful activity under Section 3 (i) or 4 (money laundering) of R.A....
