MANILA, Philippines—Tighter checks on hiring by banks and regular monitoring of current employees for behavioral “red flags” would help weed out “unprincipled personnel” with the potential of damaging the financial system through rogue activities.
The chief of the Bangko Sentral ng Pilipinas (BSP) gave emphasis to these measures, saying on Thursday (May 6) that financial institutions would be ordered to enforce more stringent screening processes for new hires and “know-your-employee (KYE)” rules that would include lifestyle checks on key staffers.
“Adequate understanding of an employee’s personal background, character, conflict of interest and propensity to co…
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