The International Transaction Reporting System (ITRS) is set for full implementation by June 2, 2025, following an extended testing period from June 2024 to May 2025. This system aims to enhance the reporting of international transactions for banks in compliance with regulatory standards. The Bangko Sentral ng Pilipinas (BSP) has revised the timeline to address technical and reporting concerns effectively. Banks are required to continue submitting FX Form 1/1A reports until further notice. This memorandum serves as a crucial guideline for financial institutions navigating the transition to the ITRS.

Key Points

  • ITRS full implementation scheduled for June 2, 2025
  • Testing period extended from June 2024 to May 2025
  • Banks must continue submitting FX Form 1/1A reports regularly
  • BSP aims to enhance international transaction reporting standards
Rabel B
Author:Bangko Sentral ng Pilipinas
1 page
Language:English
Type:Report
Accounting
Rabel B
Author:Bangko Sentral ng Pilipinas
1 page
Language:English
Type:Report
Accounting
245
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Classification: GENERAL
MONETARY AND ECONOMICS SECTOR
MEMORANDUM NO. M-2024-___
To : ALL BANKS
Subject : Implementation of the International Transaction
Reporting System (ITRS)
Further to BSP Memorandum No. M-2024-001 dated 8 January
2024,
1
the timeline on the implementation of the ITRS is revised as follows:
Schedule
Activity
June 2024 – May 2025
Extension of testing period
2
2 June 2025
ITRS full implementation
3
The implementation timeline of the ITRS is extended to allow
sufficient time for the banks and the Project Team to address emerging
technical and report-related concerns prior to full implementation.
This memorandum supersedes prior communications to banks on
the schedule of the ITRS implementation. Furthermore, the FX Form 1/1A
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 ESSG-ITRS@bsp.gov.ph or at
(02) 87087692.
For information and compliance.
ILUMINADA T. SICAT
Sector-in-Charge
__ June 2024
1
https://www.bsp.gov.ph/Regulations/Issuances/2024/M-2024-001.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
exercise diligence in their testing to ensure readiness upon full implementation of the
ITRS system.
3
Banks will be mandated to submit reports via the ITRS production portal upon full
implementation of the system.
20
020
/ 1
End of Document
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FAQs

What is the purpose of the International Transaction Reporting System?
The International Transaction Reporting System (ITRS) is designed to improve the accuracy and efficiency of reporting international transactions by banks. It aims to ensure compliance with regulatory requirements set by the Bangko Sentral ng Pilipinas (BSP). By implementing the ITRS, the BSP seeks to enhance the monitoring of foreign exchange transactions and improve the overall transparency of the banking sector.
What are the key dates for the ITRS implementation?
The ITRS implementation timeline includes an extended testing period from June 2024 to May 2025, allowing banks to address any emerging technical and reporting concerns. Full implementation is mandated for June 2, 2025, at which point banks will be required to submit reports via the ITRS production portal.
How will banks prepare for the ITRS implementation?
Banks are encouraged to set up their systems and participate in the testing phase during the extended period from June 2024 to May 2025. They should exercise diligence in their testing to ensure readiness for the full implementation of the ITRS. Additionally, banks must continue to submit FX Form 1/1A reports as per existing policies until further instructions are provided by the BSP.
What is the significance of the FX Form 1/1A reports?
The FX Form 1/1A reports are essential for monitoring foreign exchange transactions and ensuring compliance with regulatory standards. These reports provide the Bangko Sentral ng Pilipinas with critical data needed to analyze the flow of foreign currency and assess the stability of the financial system. Until the ITRS is fully implemented, banks must continue to submit these reports regularly.

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