On Jan. 6, 2025, PHI SECAnti-Money Laundering Division issued notice informing its covered persons re Guidelines on transaction reporting and compliance submissions.
All covered persons must register with PHI FIU through the relevant online channel.
On Jan. 3, PHI FIU published guide regarding reporting, compliance.
PHI FIU published Guidelines on transaction reporting and compliance submissions (GoTRACS) of Dec. 11, 2024, guiding covered persons on transaction reporting rules.
Overview of Guidelines
Guidelines reinstate certain low-risk transactions as reportable covered transaction reports (CTRs); and add new low-risk transactions to reporting requirements.
Introduced new suspicious transaction report (STR) file types; requires mandatory uploading of beneficial owner data for account holders tagged as juridical persons.
Added transnational organized crime as a reason for suspicion, in addition to revising the format for reports concerning covered transactions and suspicious transactions.
Effectiveness
GoTRACS takes effect immediately on/from publication, i.e. Jan. 3, 2025.
Implementation of chapter II, part 1, s1.18 and s1.19 on May 1, 2025; provisions on low-risk transactions, non-working and non-reporting days take effect on Jan. 2, 2026.
Phased implementation of new reporting format, guidelines, document uploads, other submissions take effect Jan. 2, 2026 - Jan. 2, 2028.
Jan. 6, 2025 PHI SEC Notice on Guidelines
On Jan. 6, 2025, PHI SECAnti-Money Laundering Division issued notice informing its covered persons re Guidelines on transaction reporting and compliance submissions.
All covered persons must register with PHI FIU through the relevant online channel.
