As a part of regulations and compliances, a Financial Services Organization must perform appropriate analysis and report any suspicious activities that can lead to fraud, terrorist financing, and money laundering to the regulatory authorities.
The Anti-Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act known as the “Anti-Money Laundering Act, also known as the “Terrorism Financing Prevention and Suppression Act (TFPSA).
The Oracle Financial Services Philippines Currency Regulatory Reporting Cloud Service (OFS PH CTR CS) application is used to view the report and associated E-File.
Reports are generated in the OFS PH CTR CS application for all CTR eligible transaction according to the AMLC CTR guideline. The business data (transaction, account, branch details, and so on) are used to view through E-File in the OFS PH CTR CS application.
The following image depicts the life cycle of a report.
Figure: Workflow
Report Life Cycle
· Generate a CTR Report: As per the regulatory guideline amended by AMLC Philippines, Oracle CTR Cloud application identifies all the eligible CTR transactions that are to be reported to regulator and generates Efiles . User can log in to the Oracle CTR cloud application to view the Efiles.
· Search a Report: The created reports are displayed in the OFS PH CTR application. Using search criteria, you can view required reports. By default, all reports are displayed in the Report List. For more information, see Searching a Report.
· Download an E-File: On the Report List page, you can download the required E-Files and view the details such as transaction, account, branch details, and so on.
· Upload an E-File: Use this E-File to upload into the PH CTR portal.