BSP orders tougher news checks on clients

All Bangko Sentral ng Pilipinas (BSP)-supervised financial institutions (BSFIs) have been ordered to strengthen their risk management procedures by integrating the screening of negative news reports—such as fraud, crime, and scandals involving customers—into their customer due diligence and transaction monitoring processes.

- By DERCO ROSAL

All BSFIs are “reminded to incorporate negative media report (NMR) screening as an integral procedure in the conduct of customer due diligence, complementing the on-going transaction monitoring system and processes,” the BSP said in Memorandum No. M-2025-017, issued on Tuesday, May 27.

NMR pertains to “published or televised adverse news, advisories, and/or reports on certain individuals and entities.”