A new money laundering risk assessment framework is expected to improve the Philippines’ defenses against the traffic of illicitly acquired cash and ensure the country’s compliance with international laws, according to the central bank.
In essence, the new monitoring tool will result in regulators devoting more resources and paying closer attention to financial institutions that present higher risk of being used as money-laundering conduits, as opposed to the present scheme where the Anti-Money Laundering Council is forced to monitor all players across the industry evenly, regardless of profile or track record.
Security vs dirty money
In an online briefing, Bangko Sentral ng Pilipin…
Keep on reading: New antimoney-laundering rules to focus on riskier institutions