Halister News

(Bloomberg) -- Bankers Association of the Philippines must form anti-financial crime committee to be headed by a BAP board member with specific mandate to look into financial crime compliance, anti-money laundering, counter-terrorist financing and sanctions screening, group’s former president Lorenzo Tan said in speech at annual meeting late Tuesday in Manila.

• Committee shall identify “loopholes” in existing laws and regulations; lobby with legislators, regulators and banks’ governance boards for needed amendments, said president and CEO of Rizal Commercial Banking
• NOTE: Rizal Bank CEO Offers to Go on Leave Amid $81m Transaction Probe Link
• Need to streamline and standardize industry definition of financial crime terminologies and procedures including know- your-client, politically-exposed-person, high risk client and special category client standards: Tan
• “In close coordination with the Bangko Sentral, the Anti- money Laundering Council, Congress, law enforcement agencies, and all financial institutions; a comprehensive strategy needs to be immediately implemented in order to prevent similar incidents from recurring”
• NOTE: Philippines’ SEC Chairman Seeks Stronger Anti- Laundering Powers Link
• NOTE: Lorenzo Tan succeeded by his brother Nestor Tan, president of BDO Unibank, as Bankers Association President at annual meeting Tuesday