Philippine  CB Tightens Rules to Fight Money Laundering
Philippine  CB Tightens Rules to Fight Money Laundering

Philippine CB Tightens Rules to Fight Money Laundering

Philippine CB Tightens Rules to Fight Money Laundering

The Philippine central bank is tightening its surveillance of money-remittance firms to ensure they would not be used to launder dirty money and facilitate terrorist financing.
The Bangko Sentral ng Pilipinas on Friday approved new rules requiring money service businesses to register with a government body set up to fight money laundering and report suspicious trades and transactions, Reuters reported.
In June, the central bank revoked the license of a remittance company that anti-money laundering investigators said was used to transfer some of the $81 million hackers looted from the Bangladesh central bank.
To enhance oversight, the central bank said it would introduce classifications of money service firms depending on the size of their business and would impose a minimum capital requirement for each type. 
Nestor Espenilla, central bank deputy governor in charge of banking supervision, said there was a need to update and upgrade the regulations “given rising volume of activity and innovations being observed in the sector”.
The enhanced framework would also help combat terrorist financing and “slow down” shadow banking activities, Espenilla said.
The new rules would limit money service businesses’ ability to transact in cash. The central bank also placed a cap on the amount of foreign currency that can be sold by money changers.
The Southeast Asian nation had more than 18,000 BSP-registered money service businesses, 6,700 of which are BSP-authorized pawnshops, as of June 2016, central bank data showed.

Short URL : https://goo.gl/nHqXZx
  1. https://goo.gl/VFOzxW
  • https://goo.gl/vhXkHZ
  • https://goo.gl/yDdl8m
  • https://goo.gl/XLLQ78
  • https://goo.gl/S7pdeu

You can also read ...

Members discuss policies, regulation and flexibility to  help improve infrastructure.
Experts from APEC member economies spoke about the need to...
China Eyes SE Asia Investments
Companies from the world’s second-biggest economy are...
South Korea Business Groups’ Investment Rises 28%
South Korea’s top 30 conglomerates increased their investment...
Romania leads the pack in economic growth. The picture shows tires being inspected during production  at the Continental plant in Timisoara.
Economies in most of the European Union’s eastern wing...
Project awards in Bahrain plunged 84%.
Contracts awarded to build economic projects in the Persian...
Australia Economy Grows  With Strong Jobs Report
The strength of the Australian economy has been impressive of...
Infosys is Asia’s No.2 software services developer.
Infosys Ltd. approved a 130 billion rupees ($2 billion) share...
India’s Finished Steel Exports Surge 64%
Finished steel export jumped by 64.2% to 0.770 million ton in...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.