October 18, 2011
AMLC RESOLUTION NO. 121-11
In its Memorandum to the Council dated 18 October 2011, the Secretariat reported that: ITSaHC
On 17 August 2011, the Council issued Resolution No. 83 which approved the Revised List of Transaction Codes and authorized the AMLC Secretariat Executive Director to evaluate and approve any request for addition of transaction codes to the transaction library with notice to the Council. The said Resolution took effect immediately.
Thereafter, the Secretariat received several requests from covered institutions for extension of the implementation period of the approved Revised List of Transaction Codes (copy attached) with proposals ranging from 2 to 11 months from 17 August 2011.
The FSLC-TWG conducted briefings on the implementation of the Revised List of Transaction Codes for the Association of Bank Compliance Officers (ABCOMP) and the Philippine Life Insurance Association (PLIA) on September 21 and 22, 2011, respectively, and need more time to reach out to other industry associations to ensure that the covered institutions will properly implement the Revised List of Transaction Codes.
In view of the foregoing, may we recommend...
