HALISTER1: Philippines Amends Anti-Laundering Regulation After 2016 Heist

Philippines Amends Anti-Laundering Regulation After 2016 Heist

(Bloomberg) -- Bangko Sentral ng Pilipinas approved amendments to regulations against money laundering and terrorism financing, balancing need for financial inclusion and integrity, it says in statement.
  • Amendments starting January to implementing rules of Anti- Money Laundering Act, lessons learned from Bangladesh heist and latest Financial Action Task Force recommendations were considered
  • Changes include refinements in customer due diligence, greater flexibility in attracting unbanked customers especially in rural areas where IDs aren’t prevalent, recognizing and allowing use of new tecnology in customer identification
  • Escalation of supervisory enforcement action is introduced in cases of heightened laundering concerns
  • NOTE: Philippines Asks Bangladesh for Probe Results on Stolen Millions Link

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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BSNZ PM (Bangko Sentral ng Pilipinas)

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