MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31existing laws and the applicable rulespromulgated by the Supreme Court.Rule 9.3. Reporting of CoveredTransactions. -Rule 9.3.a. Period of Reporting CoveredTransactions and SuspiciousTransactions.- Covered institutions shall report to theAMLC all covered transactions andsuspicious transactions within five (5)working days from occurrence thereof,unless the supervising authority concernedprescribes a longer period not exceedingten (10) working days.Should a transaction be determined tobe both a covered and a suspicioustransaction, the covered institution shallreport the same as a suspicioustransaction.The reporting of covered transactionsby covered institutions shall be deferredfor a period of sixty (60) days after theeffectivity of R.A. No. 9194, or as may bedetermined by the AMLC, in order toallow the covered institutions to configuretheir respective computer systems;provided that, all covered transactionsduring said deferment period shall besubmitted thereafter.Rule 9.3.b. Covered and SuspiciousTransaction Report Forms. - The CoveredTransaction Report (CTR) and the SuspiciousTransaction Report (STR) shall be in theforms prescribed by the AMLC.Rule 9.3.b.1. Covered institutions shalluse the existing forms for CoveredTransaction Reports and SuspiciousTransaction Reports, until such time as theAMLC has issued new sets of forms.Rule 9.3.b.2. Covered TransactionReports and Suspicious TransactionReports shall be submitted in a securedmanner to the AMLC in electronic form,either via diskettes, leased lines, orthrough internet facilities, with thecorresponding hard copy for suspicioustransactions. The final flow andprocedures for such reporting shall bemapped out in the manual ofoperations to be issued by the AMLC.Rule 9.3.c. Exemption from BankSecrecy Laws. – When reportingcovered or suspicious transactions to theAMLC, covered institutions and theirofficers and employees, shall not bedeemed to have violated R.A. No. 1405,as amended, R.A. No. 6426, asamended, R.A. No. 8791 and othersimilar laws, but are prohibited fromcommunicating, directly or indirectly, inany manner or by any means, to anyperson the fact that a covered orsuspicious transaction report was made,the contents thereof, or any otherinformation in relation thereto. In caseof violation thereof, the concernedofficer and employee of the coveredinstitution, shall be criminally liable.Rule 9.3.d. Confidentiality Provisions. –When reporting covered transactions orsuspicious transactions to the AMLC,covered institutions and their officers,employees, representatives, agents,advisors, consultants or associates areprohibited from communicating, directlyor indirectly, in any manner or by anymeans, to any person, entity, or themedia, the fact that a covered transactionreport was made, the contents thereof,or any other information in relationthereto. Neither may such reporting bepublished or aired in any manner or formby the mass media, electronic mail, orother similar devices. In case of violationhereof, the concerned officer, employee,representative, agent, advisor, consultantor associate of the covered institution,or media shall be held criminally liable.Q RegulationsAppendix Q-25 - Page 16Manual of Regulations for Non-Bank Financial Institutions