How AMLC analyzes suspicious money deals

As the country's financial intelligence unit, the Anti-Money Laundering Council (AMLC) plays a vital role in ensuring that the Philippines is not used as a money laundering site for the proceeds of any illicit activity or financial crime.

- KEISHA TA-ASAN

At the core of its operations are two key types of transaction reports: the Covered Transaction Reports (CTRs) and Suspicious Transaction Reports (STRS). These reports provide the foundation for the AMLC's intelligence work and are critical to the detection of potential money laundering and terrorism financing activities.

CTRs are filed to monitor large transactions that are possibly linked to money laundering or other illicit activities. CTRs are typically filed when a financial transaction exceeds P500,000.

It also refers to a transaction involving jewelry dealers that is above P1 million or a cash transaction with real estate developers exceeding P7.5 million.

On the other hand, STRs are more complex. These are flagged when financial institutions detect transactions that may seem irregular or unusual.

These transactions do not necessarily involve large sums but may be indicative of attempts to obscure unlawful activities.

Both CTRs and STRs are submitted electronically by covered persons – typically banks, financial institutions, or other regulated entities – through the AMLC’s File Transfer and Reporting Facility.