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  • Writer's pictureMelo Acuna

No "hot money" entered the Philippines

BSP, Anti-Money Laundering Council and NBI working together checking on Wirecardfraud

MANILA – The Bangko Sentral ng Pilipinas said two other government agencies are working with them looking into the Wirecard fraud.

In a statement released earlier today, The BSP said these agencies are the Anti-Money Laundering Council (AMLC) launched a multi-pronged investigation to determine if illicit funds entered the Philippines.

The Financial Supervision Sector (FSS) of the BSP looked into the possibility that banking regulations were breached and is said to be going on. The AMLC, the country’s financial intelligence unit chaired by BSP Governor Benjamin E. Diokno, did a financial investigation if the Anti-Money Laundering Act of 2001 (AMLA) was violated.

“The current available evidence shows that they money did not enter the Philippine banking system/. We have systems in place that send us red flags in case of huge and suspicious transactions,” the BSP statement disclosed.

The BSP said its strong financial oversight has been one of the hallmarks of the country’s economic success which includes strict regulations on the disqualification and watch-listing of erring bank officers. These regulations prevent individuals found unfit from becoming officers in all BSP-supervised entities. These measures will be used against any individual found culpable of wrongdoing.

The AMLC also issued regulations in relation to the identification of the beneficial owner of accounts and guidelines for designated non-financial businesses and professions, which cover the so-called gatekeepers including lawyers and accountants requiring them to comply with their obligations under the AMLA, as amended, on know-your-customer requirements, recordkeeping and transaction-reporting.

The statement disclosed the BSP and the AMLC are working closely with the National Bureau of Investigation on the matter and remains open to coordination with concerned international authorities to hold unscrupulous individuals accountable. (Melo M. Acuña)

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno (Screen grab from earlier briefing. (Melo M. Acuna)

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