Hi, looking for advice from bankers or anyone who has handled similar setups. No hate please—just trying to understand if this is feasible and avoid any issues.
I’m a registered civil engineer practicing my profession, and this is my first time handling a project of this scale involving civil works.
The main contract is between a client and a main contractor with a registered business and complete documents. I am subcontracted by the main contractor and handling the full execution side of the project, including labor, equipment, and operations, while managing costs and retaining my profit margin.
I don’t have a business account yet, only a personal bank account. The setup is that the client pays the main contractor, and the main contractor transfers funds to me so I can manage all project-related expenses.
The total contract is around ₱5M, and I may be receiving around ₱1M weekly depending on progress and cash flow.
Everything is legitimate and documented, but I want to make sure I don’t run into issues.
For bankers or those with experience, I’d like to ask if receiving ₱1M+ weekly transfers in a personal account under this kind of setup is acceptable, whether this is feasible or likely to be flagged by AMLA or bank compliance, and if it would be better to set up a business account right away.