HALISTER1: Aboitiz’ Remittance Co. Tightens Scrutiny After Bangladesh Heist

Aboitiz’ Remittance Co. Tightens Scrutiny After Bangladesh Heist

(Bloomberg) -- “Each and every transaction is screened across a very extensive data base of names, terrorists, child pornographers, terrorist activities,” Lorenzo Ocampo, president of Aboitiz-owned Petnet, says in interview with Bloomberg TV Philippines.
  • Co. ensures every employee on front line underwent anti- money laundering education; IDs cross checked, filled-up forms kept
  • NOTE: In April, Anti-Money Laundering Council filed criminal complaint against officials of local remittance co. Philrem for allegedly helping launder $81m stolen Bangladesh foreign reserves Link
  • Remittance flows from Middle East slowing while flows from U.S. picking up; “we expect that the decline in the Middle East is now a long-term decline that we will recover eventually,” Ocampo says
  • NOTE: Oil price slump may affect overseas workers, govt said in Feb. Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AEV PM (Aboitiz Equity Ventures Inc)

To de-activate this alert, click here

UUID: 7947283