Registration of NSSLAs, Pawnshops, FXDs, MCs and RAs with the Anti-Money Laundering Council for Reporting Purposes

November 18, 2013BSP MEMORANDUM NO. M-2013-051TO:All Non-Stock Savings and Loan Associations (NSSLAs), Pawnshops, Foreign Exchange Dealers (FXDs), Money Changers (MCs) and Remittance Agents (RAs)   SUBJECT:Registration of NSSLAs, Pawnshops, FXDs, MCs and RAs with the Anti-Money Laundering Council (AMLC) for Reporting Purposes Section X802 of Circular No. 706 dated 5 January 2011 states that the updated anti-money laundering rules and regulations apply to all covered institutions (CIs) supervised and regulated by the Bangko Sentral ng Pilipinas. The said Circular included in the definition of CIs the NSSLAs, pawnshops, FXDs, MCs and RAs. In addition, Section X807 requires all CIs to report to the AMLC all covered and suspicious transactions within ten (10) working days from occurrence thereof. This is further affirmed under Rule 3.a.1 of the Revised Implementing Rules and Regulations (RIRR) of Republic Act (R.A.) No. 9160, as amended by R.A. No. 9194 and R.A. No. 10167 issued on 24 August 2012 by the AMLC. In order to facilitate reporting to the AMLC, CIs need to register with the AMLC for username, password and institution...