57835
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 ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus