13th December 2016
The Senate is giving more teeth to the Anti-Money Laundering Act (AMLA) by amending its current provisions to include casino operators and junket operators among the covered institutions of the law. Read More
1st December 2016
Casinos, real estate developers and dealers of high-value items will have to report any cash transaction exceeding P500,000 or $10,000 to the Anti-Money Laundering Council (AMLC) to help stop any illegal fund transfers in the Philippines. Read More
23rd November 2016
The Philippines' anti-money laundering watchdog has filed criminal charges against five officials of the RCBC (Rizal Commercial Banking Corp) bank as well as the former treasurer Raul Tan, for "wilfully" ignoring suspicious activity Read More
22nd November 2016
A money laundering complaint has been filed against the former treasurer of Rizal Commercial Banking Corp. and five other bank employees over the shifting of $81 million that was stolen from Bangladesh's foreign reserves to one of its branches. Read More
3rd October 2016
THE Philippines might be blacklisted by the Financial Action Task Force (FATF) if  the  country fails to  include casinos in the  coverage of the Anti-Money Laundering  Act  (AMLA). Julia Abad-Bacay, executive director of the Anti-Money Laundering  Council (AMLC), issued this warning after attending the budget hearing of the Senate committee… Read More
26th September 2016
The money-laundering threat in the country has been classified as “high,” with the threat posed by drug trafficking rated the highest among predicate crimes, a government report showed. According to “The 1st National Risk Assessment on Money Laundering and Terrorism Financing” report posted on the Anti-Money Laundering Council’s (AMLC) website,… Read More
11th September 2016
The Philippines’ department of justice has ended primary investigation in the cyber highest of the largest-ever amount of money Bangladesh Bank account of New York Federal reserve. At least 81 million dollars of the stolen money was en-cashed in Manila. The Daily Inquirer reported that the probe was related to… Read More
11th September 2016
The central bank on Monday said the involvement of a local bank and a remittance firm in the $81-million Bangladesh Bank heist could have been prevented if monetary authorities had supervisory powers over money service businesses (MSB) and were allowed by law to look into bank accounts. “Earlier Mr. Senator… Read More
8th September 2016
Seven months after $81-million of its funds was stolen in a cross-border money laundering scheme in February, Bangladesh has taken the first legal step to claim at least $15 million. On behalf of Dhaka, the Department of Justice (DOJ) has filed for claims to have the money returned to Bangladesh. Read More
10th August 2016
Rizal Commercial Banking Corp (RCBC) officials say they have preserved ties with major U.S. banks despite the use of one of its branches in Manila by cyber criminals to funnel $81 million stolen from the Bangladesh central bank’s account at the Federal Reserve Bank of New York. The money was… Read More