The Monetary Board, in its Resolution No. 1245 dated November 23, 1990, amended the second paragraph of Subsections 1161.4a, 2161.4a and 3161.4a of Books I, II and III, respectively, of the Manual of Regulations for Banks and Other Financial Intermediaries to read as follows:

œCrimes involving bank personnel, regardless of whether or not such crimes involve the loss/destruction of bank property, even if the amount involved is less than those above specified, shall likewise be reported to the Central Bank whenever the bank initiates judicial or extrajudicial action, or imposes sanctions against such bank personnel. 

This Circular shall take effect immediately.

Adopted: 28 Dec. 1990

(SGD.) JOSE L. CUISIA, JR.
Governor