INQUIRER FILE PHOTO / GRIG C. MONTEGRANDE
The Bangko Sentral ng Pilipinas (BSP) needs banks and monetary firms to include information reviews about people and entities with doable cash laundering offenses of their screening of transactions and actions, in a bid to stop any illicit movement of funds.
Memorandum No. M-2025-017 dated Could 27, reminded banks and nonbanks to undertake insurance policies and procedures in dealing with such information reviews, which can be utilized to reinforce buyer due diligence.
The central financial institution issued the reminder amid an ongoing probe into the laundering of ransom cash within the kidnapping of slain Chinese language Filipino businessman Anson Tan, often known as Anson Que. The dangerous actors reportedly utilized e-wallets supposed completely for on line casino gaming, shell accounts and cryptocurrency to hide the cash path.
READ: Inept Anti-Cash Laundering Council
The Bangko Sentral defined that information articles about doable cash laundering and terrorist financing could set off a deeper assessment of transactions and actions of sure clients and entities.
Financial institution Central directives
That stated, the central financial institution is compelling monetary corporations to replace their danger administration practices to allow them to instantly spot any new and rising threats to their services and products. Such operational dangers embody developments associated to cash laundering and terrorism financing carried in information reviews.
In accordance with the memo, banks and nonbanks beneath its supervision, like e-wallets, should monitor all related danger elements, together with—however not restricted to—institutional degree of exposures to individuals and entities reported to have potential hyperlinks to unlawful actions.
READ: AMLC launches probe into laundering of Anson Que ransom
On the similar time, the BSP stated monetary firms should maintain an up to date record of sources of adverse reviews, akin to information articles, public registers, courtroom and congressional information, amongst others. Banks and nonbanks should additionally preserve a database of people and firms that had been the topic of adverse media reviews.
These reviews are to be included within the screening of a buyer’s transaction actions. To make sure a holistic investigation, the BSP stated the screening should lengthen to final helpful house owners and approved signatories of juridical clients, in addition to associated events.
In the end, the central financial institution stated regulated entities must establish the motion that could be triggered by the outcomes of the investigation. These actions could embody flagging the client’s account for ongoing monitoring and periodic due diligence.
Your subscription couldn’t be saved. Please attempt once more.
Your subscription has been profitable.
“It’s important for (banks and nonbanks) to promptly escalate and report important dangers based mostly on the outcomes of (adverse media report) screening exercise,” the memo learn.
