22 Mar 2021
Domestic banks and other financial institutions have a medium risk exposure to money laundering, terrorist and proliferation financing, according to the result of the Third Sectoral Risk Assessment (SRA) conducted by the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC) and other relevant institutions.
BSP Governor Benjamin Diokno said the latest assessment reflects the hard work not only of the central bank, but also of BSP-supervised financial institutions (BSFI) and partner agencies to combat money laundering and terrorist financing.
“But we should also use the results of this exercise as a reminder to remain vigilant to the threats that undermine the integrity of the Philippine financial system,” Diokno said.
Based on the report, pawning operations in the country have a low risk exposure to money laundering and terrorist financing.
Financial inclusion products, likewise, have a low risk exposure except for e-money and remittance services of pawnshops that were assessed as medium risk.
The Philippines is in danger of being included in the gray list and may face sanctions from Paris-based Financial Action Task Force (FATF) after the country was placed under a 12-month observation period by the Asia Pacific Group on Money Laundering (APG) in October 2019.
By Lawrence Agcaoili, The Philippine Star, 22 March 2021
Read more at The Philippine Star
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