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SEC backs easing of bank secrecy law - BusinessWorld


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 the SEC, the Bangko Sentral ng Pilipinas, the Philippine Deposit Insurance Corp., the Anti-Money Laundering Council, the Department of Justice, and other courts to look into the deposits of supervised institutions or persons should there be reasonable grounds to do so. ....

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BSP cautions banks against illegal online gambling


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 to have sound risk management practices.
BSP Deputy Governor Chuchi G. Fonacier, who signed the circular memo on February 6, said BSFIs are cautioned to “deal only” with gambling and/or online gaming businesses that are “authorized/licensed by or registered with the appropriate government agency duly empowered by law or its charter to license or authorize entities or businesses to engage in such activities, and file suspicious transaction reports as warranted.” ....

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