BSP orders banks to enhance reports on suspicious deals

The Bangko Sentral ng Pilipinas ordered banks and financial institutions to enhance the filing of suspicious transaction reports with the Anti-Money Laundering Council as the Philippines ramps up its fight against money laundering and terrorist financing.

BSP Deputy Governor Chuchi Fonacier said there has been continuous misreporting of fraud schemes and activities by BSP-supervised financial institutions, based on the 2021 Quality Review conducted by the AMLC on reports filed from 2017 to 2020.

Fonacier said, “[Institutions] are reminded to further enhance their suspicious transaction reporting process and ensure proper filing of [reports] using the appropriate suspicious indicator or predicate crimes.”

Based on the review, the AMLC discovered that some covered persons are still misreporting swindling and fraud cases under the predicate offenses under fraud and illegal exaction and transactions as well as forgeries and counterfeiting.


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