June 16, 2005
BSP CIRCULAR LETTER
TO : 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 transactions....
