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June 16, 2005BSP CIRCULAR LETTERTO : All Banks and Non-Bank Financial Institutions Under BSP Supervision The Anti-Money Laundering Council (AMLC), in the exercise of its authority under Sections 7(1) and 9 of Republic Act No. 9160, otherwise known as the "Anti-Money Laundering Act of 2001", as amended, and its Revised Implementing Rules and Regulations, resolved to: 1. Defer reporting by covered institutions to AMLC of the following "non-cash, no/low risk covered transactions:• Transactions between banks and the BSP;• Transactions between banks operating in the Philippines;• Internal operating expenses of the banks; ScAIaT• Transactions between banks and government agencies;• Transactions involving transfer of funds from one deposit account to another deposit account of the same person within the same bank;• Roll-overs of placements of time deposits; and• Loan interest/principal payment debited against borrower's deposit account maintained with the lending bank. 2. Request the BSP-supervised institutions, through the Association of Bank Compliance Officers (ABCOMP), to determine and report to AMLC the specific transactions falling within the purview of the aforesaid BSP-identified categories on "non-cash, no/low risk" covered...