HALISTER1: Philippine Regulator Expects Bank to Have Alerts Vs Dirty Money

Philippine Regulator Expects Bank to Have Alerts Vs Dirty Money

(Bloomberg) -- Philippine banks are expected to follow anti-money laundering law and “part of expectation is that there’s an alert to be triggered” when unusually large inflow enters, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla tells reporters on sidelines of bankers’ association event in Manila.
  • BSP rules enumerate processes for customer due diligence, monitoring of transactions, internal controls
  • BSP also has rating system for anti-money laundering compliance although there’s some flexibility and implementation may vary for each bank
  • As investigation of alleged funds stolen from Bangladesh Bank that entered Philippine financial system involves numerous accounts, Anti-Money Laundering Council conducting probe, Espenilla says
  • NOTE: Tetangco Says Anti-Laundering Council Continuing to Take Action Link
  • NOTE: Philippines’ SEC Chairman Expects Recovery in Some Stolen Funds Link
  • NOTE: Philippine Bankers Group Sees Enhanced Measures Vs Laundering Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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BSNZ PM (Bangko Sentral ng Pilipinas)

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Nestor Espenilla (Bangko Sentral ng Pilipinas)

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