Financing Prevention Program News Today

The Court of Appeals has sustained the decision of the Makati City Regional Trial Court to convict a former bank manager for money laundering over the $81 million stolen by hackers from the Bangladesh Bank in 2016.

The Anti-Money Laundering Council will penalize banks, insurance companies and other covered institutions that fail to meet the Sept. 30 deadline for the computerization of customer records.

BusinessWorld June 11, 2021 | 12:01 am REUTERS THE Securities and Exchange Commission (SEC) is backing the amendment of the Republic Act No. 1405 or the Secrecy of Bank Deposits Law to further strengthen its efforts against dirty money, tax evasion, and other financial crimes. “Such provisions will lift a long-standing barrier to effective investigation and prosecution of financial crimes,” the corporate watchdog said. The amendments under House Bill No. 8991 will empower th...

Published February 9, 2021, 6:40 PM The Bangko Sentral ng Pilipinas (BSP) has issued an advisory warning banks and non-banks to be alert and detect clients or customers that are engaged in illegal online gambling and to report these activities to the proper government agencies including the central bank. BSP memo (Circular Letter No. CL-2021-012) reminded all BSP-supervised financial institutions (BSFIs) to transact only with licensed and registered online gambling operations and for all banks ...