HALISTER1: Philippine Deposit Secrecy Attracts Illegal Funds: Espenilla

Philippine Deposit Secrecy Attracts Illegal Funds: Espenilla

(Bloomberg) -- Nation’s strict deposit secrecy law makes it attractive as safe arbor for illegal funds and makes anti-money laundering enforcement a challenge, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla tells reporters in Manila.
  • Philippine banks need to improve its know-your-customer rules, that function can be outsourced
  • There may have been critical failure on so-called third- party reliance, citing Philrem, money transfer co. which converted into peso stolen funds from Bangladesh Bank and delivered them to casino and junket operators
  • NOTE: Rizal Bank Executives Suspected in Bangladesh Heist Transfers Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BSNZ PM (Bangko Sentral ng Pilipinas)

People
Nestor Espenilla (Bangko Sentral ng Pilipinas)

To de-activate this alert, click here

UUID: 7947283