MORNBFI Vol. 1 - Planters Development Bank

APP. Q-23-f08.12.31Anti-Money Laundering Council Resolution No. 02Series of 2005Pursuant to Section 9-c of the Anti-Money Laundering Act, as amended,covered institutions (CIs) shall report to theAMLC all covered transactions andsuspicious transactions within five (5)working days from occurrence thereof,subject to the circumstances described inResolution No. 292 dated 24 October 2003which remains in full force and effect.WHEREFORE, the Council, resolves asit hereby resolved, to approve thefollowing policies and guidelines inreckoning CIs’ compliance with theprescribed reporting period:1. The following non-working daysare excluded from the counting of theprescribed reporting period:• weekend (Saturday and Sunday)• official regular national holiday• officially declared national holiday(special non-working day nationwide)• officially declared local holiday inthe locality where AMLC Secretariat Officeis located2. A “non-reporting day” may bedeclared by the AMLC Secretariat whenthe File Transfer and Reporting Facility(FTRF), used by the CIs in transmitting theirelectronic reports to AMLC, is unavailableto all CIs for at least five (5) consecutivehours during the day• AMLC-declared “non-reportingday” is excluded from the counting of theprescribed reporting period.• The Executive Director of theAMLC Secretariat (or the Officer-in-charge)is authorized to declare such day as a “nonreporting”day upon notification andjustification by the Deputy Director ofIMAS AMLC Secretariat.3. Local holidays, except for officiallydeclared local holidays in the locality wherethe AMLC Secretariat Office is located, aretreated as working days even for CIslocated in such locality declared as onholiday, and hence, included in thecounting of the prescribed reportingperiod. However, the CIs affected may filea deviation request with the AMLCSecretariat.• CI’s request for deviation shall besubject to approval of the ExecutiveDirector of the AMLC Secretariat (or theOfficer-in-charge) upon recommendationof the Deputy Director of IMAS AMLCSecretariat. It shall be the basis ofmanually recomputing whatever penaltiesthat would be automatically computed byTMAS.4. Officially-declared non-workingdays in localities or regions affected bynatural calamities such as flood, typhoon,earthquake, etc. may be excluded fromthe counting of the prescribed reportingperiod for CIs located in affected localitiesor regions subject to submission ofdeviation request by the CI.• CI’s request for deviation shall besubject to approval of the ExecutiveDirector of the AMLC Secretariat (or theOfficer-in-charge) upon recommendationof the Deputy Director of IMAS AMLCSecretariat. It shall be the basis of manuallyrecomputing whatever penalties thatwould be automatically computed byTMAS.WHEREFORE, the Council, resolvesas it hereby resolved, to consider andinclude the foregoing policies andguidelines in the ongoing developmentand implementation of AMLC’s TransactionMonitoring and Analysis System (TMAS)and specifically, for the computation of thepenalty for delayed reporting by the CIs.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-23-f - Page 1