The government’s dirty-money watchdog has found no indications that any of the missing $2.19 billion of Wirecard ever landed on Philippine shores. | daxINQ
An investigation by the Bangko Sentral ng Pilipinas’ financial supervision sector— which focuses on determining whether any banking regulations were breached—“is well underway,” the agency said. The AMLC, which by law is also chaired by the central bank governor, said that “strong financial oversight has always been one of the hallmarks of the Philippines’ economic success.”
“Over the years, the BSP has instituted reforms that have promoted good corporate governance and effective risk management systems,” it explained. “These include strict regulations on the disqualification and watch-listing of erring bank officers. These regulations prevent individuals found as unfit from becoming officers in all BSP-supervised entities.”
“These measures will be used with their full force against any individual found culpable of wrongdoing,” it vowed. To date, the AMLC has also issued regulations in relation to the identification of the beneficial owner of accounts as well as guidelines for designated non-financial businesses and professions, which cover the so-called gatekeepers, such as lawyers and accountants, requiring them to comply with their obligations under the Anti-Money Laundering Act on know-your-customer requirements, record-keeping and transaction-reporting.
“We continue to emphasize the importance of well-established risk culture in supervised entities,” it said, adding that it was because of a sound regulatory environment and proactive industry response that the Philippine banking system has remained strong and stable, playing a significant role in fueling economic growth over the years.
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