Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec922.p29.OBL5
Manual of Regulations for Banks > 922 COVERED AND SUSPICIOUS TRANSACTION REPORTING > 922
Obligation Summary
Make sure covered and suspicious transaction reports are correct and complete, use the AMLC's prescribed forms, and transmit them to the AMLC electronically over a secured channel.
Covered persons shall ensure the accuracy and completeness of covered and ST reports, which shall be filed in the forms prescribed by the AMLC and submitted in a secured manner to the AMLC in electronic form.
MORB, Sec. 922, p. 29 (2023 ed.) · Manual of Regulations for Banks · p. 29
Should a transaction be determined to be both a covered and suspicious transaction, the covered person shall be required to report the same as an ST.
Covered persons shall ensure the accuracy and completeness of covered and ST reports, which shall be filed in the forms prescribed by the AMLC and submitted in a secured manner to the AMLC in electronic form.
Deferred reporting of certain covered transactions. Covered persons shall refer to the issuances of the AMLC from time to time on transactions that are considered as “non-cash, no/low risk covered transactions”, hence subject to deferred reporting.
What This Requires.
ProfytAI Regulatory Intelligence
Type: requirementRequires covered persons to ensure the accuracy and completeness of covered and suspicious transaction reports, which must be filed on AMLC-prescribed forms and submitted to the AMLC electronically in a secured manner.
Relationship
Closes the Sec 922 sequence of reporting paragraphs, addressing report quality and submission method for the reports required earlier in the sequence and classified under the dual-classification rule that immediately precedes it.
Why This Exists
Ensures the AMLC's financial intelligence database receives reliable, standardized, and confidentially transmitted data, supporting accurate downstream analysis and protecting sensitive suspicious-activity information in transit.
Implementation Considerations
Typically involves a quality-control review of report fields before submission, using the current AMLC-prescribed form and an approved secure electronic filing channel, with confirmation of successful, protected transmission.
Interpretation Note · "Forms prescribed by the AMLC" and "electronic form" cross-reference AMLC's own reporting formats and submission channel, not detailed in this excerpt. "In a secured manner" signals a data-security expectation for the transmission channel without specifying a particular technical standard here.
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