M-2025-016: Implementation of the International Transactions Reporting System (ITRS)

BANGKO SENTRAL NG PILIPINAS To Subject M EMORAN DU M NO. M.2O25.OI6 ALL BANKS lmplementation of the International Transactions Reporting System flTRSI Further to BSP Memorandum No. M-2O24-OZO dated 20 June ZO24,l the timeline on the implementation of the lrRS is revised as follows: Schedule Activ:W June 2025 - May 20.26 Extension of testino oeriodz I June 20.26 ITRS full implementation 5 The implementation timeline of the ITRS is extended to allow sufficient time for the banks and the Project ream to address emerging technical and report-related concerns prior to full implementation. This memorandum supersedes prior communications to banks on the schedule of the lrRS implementation. Furthermore, the FX Form llA reports shall continue to be submitted regularly according to the existing policy, until otherwise advised by the Bangko Sentral ng pilipinas. For queries and concerns related to ITRS, you may contact the Department of Economic Statistics (DES) at ESSC-lTFlS@bsp.gov.ph or at (o2) 870876e2. For information and compliance. IS May 2o2s t https:/Aryww.bsp.gov.ph/Regulations/ssuances2oZ4l[-zoz4-o2o.pdf 2 Banks may submit their test reports through the sandbox or production portals of the ITRS system. Banks may continue setting up their systems and are encouraged to .exdrcise diligence in their testing to ensure readiness upon full implementation of the . .ITRS systqm.' 3.Binks'will be mandated to submit reports via the ITRS production portal upon full . irhplem'entdtjon of the system; .' C1 a giif icatjm :.C.eN Eaer'