Regulatory Alerts2024-06-20
M-2024-020: Implementation of the International Transaction Reporting System (ITRS)
The Bangko Sentral ng Pilipinas has revised the implementation timeline for the International Transaction Reporting System (ITRS) to extend the testing period from June 2024 through May 2025. Full implementation of the ITRS is now scheduled for June 2, 2025, allowing banks additional time to address technical and reporting concerns. This memorandum supersedes prior schedule communications, while FX Form 1/1A reports remain required under existing policies until further notice.
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