December 18, 2020 | 12:02 am Font Size
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THE CENTRAL BANK told financial institutions to address gaps in their risk management capabilities to arrest the emergence of transactions related to the online sexual exploitation of children (OSEC).
In Memorandum No. M-2020-092, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said BSP-supervised financial institutions are expected to boost their anti-money laundering (AML) and counter-terrorism financing (CFT) processes through the guidance paper, consistent with their respective risk profiles.
“It is essential that the Board of Directors and Senior Management set a proactive tone at the top and establish a culture of risk awareness and compliance within their organizations to ensure effective implementation of a robust AMLC/CFT framework that has the capability to detect and mitigate risks arising from OSEC-related transactions,” the BSP said.