BSP Deputy Governor Chuchi Fonacier issued Memorandum 2021 – 047, directing BSP-supervised financial institutions (BSFIs) to strictly observe and strengthen the implementation of the requirements pursuant to the Anti-Money Laundering regulations provided in the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions.
In particular, Fonacier said banks should strengthen customer identification and verification procedures, ongoing monitoring of customers and their transactions, suspicious transaction reporting, and continuing AML training program, including controls relating to partner/accredited car dealers.
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