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BSP Circular Letter No. CL-2014-045: Anti-Money Laundering Council (AMLC) Resolution No. 43 dated 23 May 2014

Dear Sir/Madam,

Please be advised that the Anti-Money Laundering Council (AMLC) issued Resolution No. 43 dated 23 May 2014 which resolved to allow covered persons to submit multiple suspicious transactions under one suspicious transaction report (STR), subject to the observance of the following guidelines:

1. The suspicious transactions shall involve similar suspicious transaction indicator, and refer to the same accountholder and account number of the covered person;

2. The submission of multiple suspicious transactions under one STR must only be used when there are at least fifty (50) or more transactions to report;

3. In the narrative filed of the STR, the first line should contain the keyword “,no.of STRs> STR”, e.g. “57 STR”; and

4. The transaction details can either be included as part of the narrative (not to exceed 4,000 characters or the details can be extracted as an Excel file and submitted to the AMLC as an STR attachment.

(SGD)
Chuchi G. Fonacier
Officer-In-Charge

To download a copy of this Circular Letter, please click on this link: BSP Circular Letter No. CL-2014-045: Anti-Money Laundering Council (AMLC) Resolution No. 43 dated 23 May 2014