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BSP orders banks to watch out for money laundering |
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By Donnabelle L. Gatdula
The Philippine Star 09/14/2005 The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has ordered big banks to implement an electronic monitoring system that will detect and monitor money laundering transactions. In a circular, the BSP said this new ruling will operationalize a requirement in the Revised Implementing Rules and Regulations of the Anti-Money Laundering Law. The said law requires covered institutions like universal and commercial banks to adopt as part of their money laundering program a "system of flagging and monitoring transactions that qualify as suspicious transactions involving amounts below the threshold to facilitate the process of aggregating them for the purpose of future reporting to the AMLC." The BSP said that as a minimum, the required electronic monitoring system must possess features such as a statistical analysis and profiting of covered and suspicious transactions. The system, the BSP said, would also include a watchlist monitoring that can check transfer parties. It said an investigation capability which allows it to initiate a check for names appearing repetitively throughout the history of payments stored in the system must also be part of the new monitoring scheme. According to the BSP circular, a report generation ability for covered and suspicious transactions should also be part of the monitoring system. |
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