Regulatory Alerts2024-04-29
Circular No. 1193: Amendments to ML/TF/PF Risk Reporting and Notification Requirements in the MORB and MORNBFI
The Bangko Sentral ng Pilipinas issued Circular No. 1193 to amend the Manual of Regulations for Banks and Non-Bank Financial Institutions regarding money laundering, terrorist financing, and proliferation financing risk reporting. The regulation mandates that supervised financial institutions submit an ML/TF/PF Risk Event Report to the central bank within twenty-four hours of discovering any significant risk event that may materially impact the institution or the financial system. This requirement ensures timely supervisory intervention while allowing for consolidated reporting when incidents also qualify under existing operational or reputational risk notification frameworks.
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