August 17, 2011
AMLC RESOLUTION NO. 083-11
In its Memorandum dated 7 June 2011, the AMLC Secretariat reported to the Council that:
The Financial Reporting Package submitted by the banks to BSP consists of the balance sheet and income statement. The AMLC covered and suspicious transaction reports on the other hand consist of the individual transactions that meet the reporting criteria.
The Bank Supervision Policy Committee met last 24 May 2011 and one of the agenda items was the AMLC Transaction Codes. The ABCOMP representatives requested that the AMLC expedite the approval of the revised AMLC transaction codes together with the proposed revision to the FSLC Technical Working Group Report so that they can already provide the requirements to their IT Departments/Software Vendors since some of them were already preparing their system revisions.
As part of the Financial Sector Liaison Committee-Technical Working Group's (FSLC-TWG) endeavor to address the various issues concerning covered and suspicious transaction reporting, the FSLC-TWG proposed that the original list of AMLC transaction codes be revised to capture specific transactions and provide explicit definition for each...